All Forum Posts by: Rashmi Nigam

Please reach out to me if you are looking for a ticket. 714-420-0716

2500 is gone and no issue there. $7,250 is the contention amount. Title company will not release till both sign the cancellation form. 

We had a PA that initially had a 40 day inspection period. Towards the end of the period extended the due diligence by 10 days and gave the seller 2500 of the EMD as non-refundable. We cancelled PA on the 10th day post extension and now the seller is refusing to return the EMD. Need to have legal representation. Any suggestions. EMD amount in contention is 7,250. This is for a property located in downtown Leavenworth, KS. Really would appreciate any leads. Need to resolve this ASAP.

Currently in escrow for a building in Tucson area. We signed the PSA towards end of March. With covid the rent collections have been lower for May. During initial PSA there were 4 vacancies but now with non payment, deferred payment we are looking at 17 units with issues out of 60 units.  There are also 5-6 more units that haven't paid rent for the last 5 months. This is on top of the vacant 4 units. What do you recommend that we go back to the seller with re: credits etc.. to share the risk?

@Lee Ripma Thank you for responding. Really appreciate any guidance. How can I reach out?

We are looking to purchase a MFH in KC but do not have much local knowledge of the market. Seeking to speak to people who can give us some info.

I have a 50 unit that was managed by a property management firm for the last 2 years and we just recently transitioned to a new firm. A few days prior to the transition and since the transition we have discovered the following:

1) They did not pay invoices for the last 5 months. I only found out about the tens of thousands of back upaid invoices a week before the transition.

2) They did not pay utility bills and we were close to getting the utilities disconnected.

3) They had section 8 tenants that had failed inspection and they did nothing about it and furthermore let them live in 2 units.

4) Rented about to bad nuisance tenants and did nothing about it.

5) The list goes on....

Is there anything i can do legally to go after them for lack of performance?  The building is in Tucson.

Appreciate any help. 

5) 

I received an offer market offer for my 50 unit building in AZ. Here are the details:

Purchase Price - $3,500,000

Earnest Money - $35,000

DD Period – 60 Days after DD items received

Closing date – After August 1 & Before September 1

Title/ Closing Costs – ALTA Survey @ Seller’s expense (if required by lender)

I purchased the building about 20 months ago and here are the numbers (back of the envelope).

Original purchase price: 2.95M

Loan amount was 1.84M

Principal paid to date is 57K

Principal down: 1.1M

Proceeds from sale - loan = 1.716M

commissions: 175K

Net in our pockets (not including closing costs): 1.525M

Gains from initial investment: 441K

We have to do a 1031 exchange to our next property. Wondering if this is a worthwhile gain to take now vs. doing a forced appreciation on the property and wait it out. Also wondering if I need to be evaluating this offer differently from how I am looking at it. Appreciate any advice as always. 

Currently cash is sitting in a money market account, while the IRA is invested in a major tech stock and heavily weighted. So cash is producing lower returns.

Thinking of joining a syndication that has a 10 year horizon. Wondering if it is better to put our cash savings into it vs. investing via our IRA? Would love to hear pros and cons of cash vs. IRA and any gotchas to look out for.

Thanks!