All Forum Posts by: Ryan Magnano

Hi, everyone. I've been using a lease I found and modified since I got started. However, it is a pdf file, and is a huge pain to edit. It also looks kind of hacked up after adding in everything extra that I wanted to include.

I've decided its time to have someone write me a lease.

I thought about purchasing the landlord forms from biggerpockets, but then I read that they come in pdf files, so it sounds like they won't work for me, because I might want to make changes to the lease in the future.

All of the other sites with leases that I've found won't actually give you an editable file for the lease, they just tell you to go on their website and fill out a questionnaire, and then they generate you a lease. I don't like this, because this means if I want to add anything to the lease, I will have to manually add it EVERY time I get a new tenant.

Is there anywhere that I can pay to get a good reusable and editable lease? I really want to just get a good lease in a word file, add a few additional terms, and use it for all my tenants. This seems pretty practical, but I haven't been able to find it anywhere! 

Is this something I can find, or will I need to pay an actual lawyer to write my lease?

I think he agreed because he knows I'm serious, and because I truthfully believe he hasn't looked at the comps. Me and the seller have known each other a while.

I can understand why he wants to sell it for so much. If I were him, I wouldn't want to give up that cash flow for much less.

And Dustin, I agree, but at the same time I would never feel comfortable buying something I couldn't sell, even if I hoped to hold it forever. I think an exit plan is very important

I really appreciate everyones different perspectives. I know this is a topic that very few of us agree on.

I've decided to move forward with the agreed upon terms, but I added an appraisal contingency (even though I don't think they're accurate in hot markets)
I figure if it comes in low enough to confirm my fears I can walk, but if it comes in reasonably low, as I expect, it'll give me a good way to talk the seller down a little more.

I really appreciate the response, Russell.

In regards to the appraisal, I recently tried to purchase a property with an FHA loan, and the appraisal came in 25,000 below the purchase price. I personally felt the price was a deal and a half, the cashflow looked great, and the price was very low compared to both single family homes in the area, and multifamilies. Now call me crazy, but I feel that appraisals are currently not coming in indicative of what people are willing to pay in our market, especially for multifamilies. I honestly expect that if I were to get an appraisal pulled right now, it would almost certainly come in extremely low. Am I wrong here?

The seller claims that he has an offer already, and we identified exactly what my offer would have to be in order for him to accept. I will of course put that my offer will be contingent upon him proving he has another offer for just less, but at this point its looking like theres not much room for negotiation, and that if I don't feel comfortable with the price, I should walk.

Obviously I'll feel a little better if I know someone else is offering close to my offer, but at the same time I want to know that I am making this purchase on solid ground.

Hey, everyone.
I've been thinking of purchasing my first investment property nearby, in the town of Holly Hill.

The property has great cashflow, and all seperate meters. Its a triplex that brings in about 2,400 a month. They are selling it around 190,000 in good condition. They are willing to owner finance with terms that rival what banks are offering, but without the closing costs. (The reason is that the seller is old and wants to start selling off his properties and holding notes)

The problem is, I can't find any good comps to compare it to within a couple miles. I also can't find any properties that were producing as much income when they were sold. Unfortunately, not one multifamily between 2 and 4 units has sold for as much as this property in the last year (atleast on the MLS), which makes me nervous.

Truthfully the price is very high for the area, in general and especially based on square footage. But the cashflow is also very solid.

What is everyones thoughts? I think the cashflow totally justifies the price, but at the same time I'm very nervous that the price is very high for the area, and it may be hard to sell for what I'd be paying for it down the line.

I know a lot of people don't care about comps, and valuate properties based on cashflow, but I know a lot of people also rely on comps.

Bascially, short and sweet, based on cashflow the property beats pretty much everything on the market in that price range, but the property costs more than pretty much anything sold within 2 miles in the last year, and is priced very high per square foot. It is an extremely hot market.

Would you purchase a deal like this?

The contract States that I have 45 days to elect in writing to either

Cancel the contract

Or waive the financing contingency and proceed as if financing were found

Still have almost 2 weeks left on the financing contingency.

Hey, everyone.
I'm buying my first property. I got the property under contract. I had a 45 day contingency to secure financing. I'm in Florida and the contract was a stand FAR/BAR contract. I'm a Realtor and the seller is nonlicensed but listed the property on the MLS through a flat fee company. Shortly after going under contract my financing fell through. I told the buyer that my financing fell through, and asked if he was open to owner financing. He said no, and I told him that I would be reapplying for another loan, and even if I didn't get approved I would still close in time with a private loan.

He accepted another offer a couple of days ago, even though I told him I would still close on the property and that our contract was still valid.

Am I still able to demand that the seller perform? What happens if he doesn't? Just wondering where this will go from here.

I'll be calling my lawyer on Monday, but in the meantime I wanted to hear some opinions and get some discussion going.

The market here in the Daytona Beach area is doing extremely well. There are a lot of new projects going on. The Hard Rock Cafe just opened up in the location of the old and run down Desert Inn. Margaritaville is finally starting to sell properties.

Most of the area is still very affordable, even on a lot of beachside. There are a lot of great single family deals. There are some great multifamily deals too, you just have to move very quickly on them because most of them are selling in days.  Appreciation is 10%+ in most of the area, but a lot of properties still cash flow very well.