All Forum Posts by: Ryan Moore

I thank you all for the replies.  Like many state, the $350 definitely does not make or break this deal for me.  Being a new investor, I'm trying to learn the in's and out's of the deal and how to not be taken advantage of.  The pro's of being rid of a bad tenant along with being able to force appreciation on the unit are definitely bright points.  Per contract, $1050 is held for deposits and is to be transferred, which means that since it's a 4 unit, the seller did not have a deposit for 1 unit.  The sellers are out-of-state and their PM has a bad reputation, so they probably have been screwed over themselves a bit. 

It's been a great learning experience going through this first contract/closing period and I'm definitely learning about how to better critique deals/contracts for my future plans also.

Sorry if I'm not making it clear.  I am buying the property.  I am under contract to purchase it.  The inspection report showed this unit as needing repairs but it had a tenant with a deposit on file.  I was ok with the condition of the unit because it was currently rented and there was a deposit on file in for future work that would be needed once the tenant vacated.  Now, before the closing date, this tenant has moved out, and I think the seller of the property will not be fixing anything on the property and not give me any of the deposit so that I can do the rehab work needed.  Basically they are going to pocket the deposit instead of passing it along to me, the one who is going to have to fix the place

Closing is in March so I'm not the owner yet.  Property went under contract before the move out occurred.  When I say that the seller's agent stated the tenant agreed to move out early, I didn't mean to imply the agent has any communication with the tenant, but is only relaying information from the seller.

Closing on my first property, a 4-unit multifamily in Phoenix.  At inspection it was noted that one of the units wasn't in the best shape.  The lease shows that $350 was collected for the deposit.  During the appraisal, I noticed that the unit looked unoccupied and still in disrepair.  Reached out to the seller's agent.  They stated that the tenant agreed to move out early.  They said that they weren't going to fix anything because it was noted in the inspection report (minus the missing thermostat which they will replace), and they were unsure of where the deposit is.

So I obviously feel like I'm getting screwed over on this.  I knew the unit wasn't in the best shape, but that there was a deposit on file.  Now the unit is unoccupied, and I may not be getting the deposit.  So they are going to keep the deposit and not fix anything.  Thoughts on what I should do next?

 My brain must still be sleeping this morning.  Can you explain how you calculate those numbers out. 

Ok, dumb question because I know there isn't a answer.  I'm trying to evaluate deducible vs premium quotes.  I'm about to close on a 4-unit multifamily in Phoenix.  I've personally have never had to file an insurance claim on my personal home.  What can I expect from being a landlord for this MF property now?  I know there are so many variables, but I'm just curious if, on the average, should I be expecting to file some claims?  The building is probably a B- to B property.

  Cool. Are you prejudiced because you actually use her? 

Hi, I'm on the lookout for a property management company that services the north phoenix area.  I'm closing on a 4-unit multifamily soon.  Any recommendations to help me weed out the gluttony of google searches would be greatly appreciated.

Hi, under contract for 4-plex multifamily in phoenix.  The property is has full occupancy.  I haven't spoken to the current property management company yet, but I wanted to get an idea of some info beforehand because I plan on shopping around for a property management company myself.

1) Do some property managers have contracts with the property owners for specific periods of time (i.e. a 1 year contract to manage a property)

2) If so, am I responsible for continuing that contract once I take control of the property like I am with the tenant leases?