All Forum Posts by: Michael Montalto

Hi - I have an agreement in place to purchase a condo. The seller is also purchasing another property. Our close date is July 1st but he wants to stay in the unit until Sept 1st  He wants to enter into a use and occupancy agreement for that 2 month period. My initial thought is that I should do a standard 2 month lease as he will be a tenant and I will own the property.

Is this common for this situation?

Any advice is appreciated.

-Mike

@Paul Timmins thank you for the great advice, I'll give it a shot!

Hi BP - I have a verbal agreement in place to purchase a condo unit in a 3 unit complex in Medford, Massachusetts. I own one of the 3 units already. I am looking to be pointed in the right direction for portfolio lenders/small banks in the area that will fund this deal. Medford is a VERY good investment town and property values continue to rise. My unit was just appraised and I am getting this deal for about $30k under market value. I plan on using it as 10 year buy, hold and rent strategy. 

Any help would be appreciated.

Thanks,
Mike