All Forum Posts by: Frank Gucciardo

I hope you didn’t use your real name here? Asking for a friend.

Lauren,  Is it a good investment?  Does it make money?  If so, there's always a way.  If it's a loser then your parents should sell and move on.

After owning it for 30 years, they have run out of depreciation and it likely makes better tax sense to sell the property.  I'm by no means a tax professional so I would check with their accountant.

One thought on transfer, if the property makes money, is to do owner finance.  You pay them an agreed upon down payment amount (or no money down) and then a monthly mortgage payment based on agreed upon terms (interest rate and term).

Best of luck!

Originally posted by @Account Closed:

So other than your feeling got hurt can you list your damages.

After  paying your Lawyers to force a sale you might be even more HURT.

Are you talking about a Million dollar west coast triplex or a idaho $45,000 plex.     Price matterS

 So, you just let people back out of contracts on you on a regular basis? Great way to do business. 

Bad answer 0/10.  

Can you post the numbers for the deal? That will help us better understand why your investors are bailing. On the surface, it seems like the deal is too small and your investors don’t want to tie up a portion of their capital.

It does sound like a good deal.  Best of luck.

If it’s not zoned multi then it is likely illegal to rent it out as a multi and your municipality will fine you

Agree with @David Miller, however, you need to validate all the numbers you receive from the seller. Check leases, talk to tenants, get bank statements, call utilities, etc. Trust but verify

Can you get it re-zoned for multi family? If not, you could run into issues with your town. Also, is it on municipal water and sewer? If not, you will likely need to make sure that the well and sewer can handle two families. Best of luck

A contractor with all the right tools