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All Forum Posts by: Parker Babbe

Parker Babbe has started 2 posts and replied 5 times.

@Bjorn Ahlblad thank you! they might be the only carrier willing to cover...

In a peculiar situation...

I'm buying a duplex that needs a complete knob and rube remediation. My insurance co. is actually requiring that it be completed within a few months of closing or they will cancel the policy.

I was planning on doing other updates to the units at the same time, asking the current tenants (who are monthly TAW) to leave....I plan on raising the rent substantially post renovations. The K/T remediation cannot be completed while someone is living in the unit, so that is out of the question. And the place really is not safe to live in with the current electrical setup. It needs to be addressed ASAP.

I'm worried that the tenants might not voluntarily leave when I ask them to at the end of this month when I close on the property.

If they say "no", then I cannot technically evict them because of the current moratorium on evictions in Massachusetts due to COVID.

Ideally, I convince them to leave on their own terms...

I'm wondering if anyone has any ideas around what I can do if they don't leave on their own terms at my request.

Thank you in advance!

@Chris Y. @Jon Crosby I saw the property last week. It is a true duplex, but one side needs to be completely re-done (new sheet rock, appliances, flooring, etc.) as the previous tenant destroyed it. It has already been stripped down, so it likely has sat for so long because it is a substantial project. It is not in a flood zone, as it is up on a hill, although there was some moisture in the basement. The ARV on this property is the big unknown (as it usually is) so I'm going to try to pull comps, and potentially see the property again with a contractor to gauge what the rehab might cost...

@Jon Crosby seeing the property next week, will let you know. Somthing must be wrong..

Hello All.

Looking to see if this is too good to be true. This is a side-by-side duplex, each 3BR 1Bath, with one side vacant and the other about to be. I'm thinking this would be a good opportunity to give it a facelift, get a better tenant in and fetch a better rental rate. Asking price is 110k, and will be making offer of 90k and have included 10k of rehab costs into the total purchase price of 100k in the calc. I'm doing this because I would be using a HML for the purchase price AND the rehab. The plan would be to refinance to a 30yr fixed after I get new tenants in, to get some cash out of the transaction. Current owner lives out of state, and the property was assessed last year for 142k. Any major structural issues aside, this seems like a solid deal.

Thanks in advance!

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*This link comes directly from our calculators, based on information input by the member who posted.