All Forum Posts by: Philip Mullinax

Hey guys, I'm in the process of purchasing a fully leased quadraplex.  My question is although I know I have to honor the existing leases, do I need to write new leases with the same terms instructing tenants of the change in ownership and the new payment process?  The previous landlord actually has her bank account listed in the existing leases as the payment method.  I appreciate any insight.

Thanks,

Philip

If this is still available please send me more information.  [email protected]

Hey guys, I am looking for recommendations on an investor friendly realtor in the Columbia SC area.  Multifamily experience preferred.  I appreciate any recommendations.

Thanks guys, this definitely bolsters my confidence in not using an agent.  I think my biggest concern was about being out of state and cordinating the closing process.  All of my previous sells have gone through an agent who coordinated the completion of the contract with the buyers agent and scheduled the closing for me.  It sounds like the re attorney will help direct me as far as what I will need to do and the time frames.   I appreciate everyone's suggestions and experience.

Thanks everyone for the advice.  I am going to reach out to a real estate attorney on Monday to start the contract.  My realtor was more than happy to help me for a 3% commission :)  I think I will hold onto that money for my next investment.  Now I just need to find out from my CPA about the capital gains.

I have a rental in North Carolina that I am selling to my current tenant.  I am curious if anyone has ever done this without using a real-estate agent.  It seems easy enough, but definitely would love to hear from someone who has done this before?  Mainly questioning the closing process. 

Thanks Chris.  That's great advise.  Do sellers typically share previous Schedule E's prior to the sale?

Hey guys,

I am going to see two prospective quadraplex's this weekend and wanted to see if anyone had any suggestions as to what documents to ask the current owner for.  I already know the taxes for both properties and I have called the utility companies to get a round about number for utilities, but I wasn't sure if there is a specific document that may give me a comprehensive overview of the profits and losses for the current owner.  I have done the analysis with judicious estimates, but I would love to see real numbers if possible.  I appreciate any advice.   

Thanks for the advice.  I will let you know how everything works out.  It should be fairly straight forward as it's my father's home and he has the title.

@Chris Puckett. Thanks for the recommendation.  I found a local lawyer Rick Lochlear that's going to do it for me.  A bit cheaper than others I have called.  It might be an option if you are ever looking in Rowan County.