All Forum Posts by: Samantha Cash

Realtor: http://www.themachreegroup.com/

I know Kelli Williams from a local group, and she helped me put in an offer quickly!

I signed a contract on a duplex to house hack in NYS in late March. Inspections, appraisals,  and financing are in place. Seller agreed to deliver a unit vacant, however we have an eviction ban. Currently, I've been told the tenant is packed, but waiting on her new apartment to be empty, seller is giving her 2 months rent to move. I'm living with friends right now and eager to move. Yesterday I heard of an off market deal for a two unit property that isn't occupied. I've read my contract but there's nothing definitive about a timeline for delivering the property, so I'm not sure who would keep the 10% earnest money. (I plan on talking with my lawyer this week.) The off-market deal I've found is also a slightly better deal. What factors would you consider in this situation? 

How did this work out for you?

I would get a hold of neighbors in the area and verify there are no odors issues with a third party. You should also be able to research if the plant has had any issues or health violations. 

Found this blog post (Impermanent Structures For Summer Vacation or all Year Rentals.) a while ago, I'm in the middle of buying my first property on 5 acres and I'd love to rent out all the units and live in an impermanent structure if the town allowed it. It could work for the right person, I'll let you know if I ever end up using one. @Teri Feeney Styers That would be nice, but I've seen a lot damage from "flushable" wipes in my work, so I think we've got a ways to go. Folks with private sewer usually know because they have to pay for the clogs, but the same thing occurs with public systems.

I'm a newbie in a similar situation. I'm under contract on a duplex that was fully occupied and supposed to be delivered with one unit vacant upon closing date in April. Where I live the eviction process and all non-essential services are shut down. I'm still debating what to do with the deal. But I looked over a rider that my attorney drew up and part of it said that if I back out the seller keeps the deposit as liquidated damage but cannot go after me for anything else. Might be something to look for, or maybe someone else has here has had experience with that clause.  

I'm new to real estate investing, so I ran the numbers not only to check this deal but also to check the validity of the way I do these calculations (just NOI, cash flow and cap rate/ROI). I got similar numbers for all three, however just to clarify the terms. It was my understanding that Cap rate was NOI/purchase price and ROI incorporates financing. So, what I had labeled as Cap rate was your ROI. Regardless, this looks like a good deal. My cap/ROI was slightly higher, and cashflow was slightly less. It's also a great example of how a deal can work in an area with higher taxes.