All Forum Posts by: Nazz Wang

Hi BP Community,

I have been living in an apartment building for a while now and it just came to me today, why don't I buy the building from my landlord. They have owned it since 1965 and the management company is a terror. Maybe they would want to sell.

Now, I am thinking about how to reach out to my landlord. I have never directly dealt with them, as everything goes thru the property management company. I am also not a wholesaler, so I have no experience convincing people to sell their property to me. What would you guys recommend I do?

The first thing I thought about is a letter, of course. I am thinking to tell them that I am a tenant in their building at xxx, and have been there for x years. I am a great tenant, always paid ahead of time, and took care of the place. I would love to see if they will consider selling the property to me, and I would love to own and take great care of the building. I am flexible and am open to any option that would work for them. And then I would mail the letter to their business address listed with the county tax record. Is that what you guys do? What would be a good finishing touch?

Thanks in advance!

Nazz

Congrats!

Tiles. Last a long time and looks good. Will attract better tenants when you have a product with a more upscale look. But definitely don't go over board. The tenants will most likely in a couple of years destroy carpet / wood floors. Usually tiles are ok.

So you regret investing the 90k loaned from family in the current property and wish you would have invested else where, like the multi family you mentioned? How is your current rentals cash flow like? Can you get conventional financing cash out refi on it and still have positive cash flow? One way to pull cash out without having To sell a good property. If you sell, you will have to pay capital gains on any profit, depending on how long you have owned the rental.

So you regret investing the 90k loaned from

I would say to give your county recording office a call first. If free and clear properties, the office will usually have a quick answer for you on what is the easiest. They have seem it a million times. I have used quit claim deeds and did all the paper work myself. If you have a mortgage, you might consider putting your property in a land trust with the LLC as a beneficiary to not trigger the due on sale clause, the clause Melanie Smith mentioned. Transferring it into a trust is the only allowable transfer. Again, it depends on location and your situation.

Or refurbish it, put a bed in it, and gift it to the child of your family.

Welcome Edwin. Congrats on thinking about investing so early in your life! I wish I did! There are a lot of good information in the podcasts and there are over 100 interviews you can listen to. Most of the interviewers shared how they got started in the podcasts. They are a lot of fun to listen to.

State the following appliances xxx are there for tenant use but is not included in the lease ad that you will not replace or repair them. If they break during the lease term, tenant will have to replace or repair at their own expense.

You should start looking now, not for this property specifically but in general. Even if this deal doesn't pan out, you will still have the next great deal you need to fund. Start lining up your financing now.