All Forum Posts by: Shawn Burns

Hi All,

I am hoping to get your insight about a special use permit from a buyers agents perspective. 

Me and a buyer are looking at a commercial property in CT (Stonington to be exact) and he is speculating about converting the top floors into residential units. The zone of the property requires approval of a special use permit to make the change.

I've been reading up on the special use permit process in Stonington but the question I have is: Are we allowed to do the process prior to closing (with the seller's agreement, of course)? And is it appropriate to have a purchase and sale contract contingent upon a special use permit getting approved?

Thanks for the help!

Shawn Burns

Hi All,

New RE Agent here. I'm representing a remote buyer and it is going to be a hassle for here to submit EMD checks to escrow by overnight mail. Does anyone know of a good solution for this so I can make it easy as possible for my buyer?

Thanks!

@Adam R Gebner Congrats!! That sounds like an awesome deal and I am very impressed with the numbers. If you don't mind me asking, how did you find the deal? 

@Brandon Vukelich

Thanks for responding! Does that information get outlined in the Purchase and Sale agreement? 

Hi BP, 

I am wondering what closing costs and other expenses I should be aware of when assigning a contract?

I would like to be able to let the seller know what to expect when closing and similarly what to expect the buyer to cover. I know there will be costs for the attorney, title search and any unpaid taxes. What else am I missing and what fees are typically negotiable?

Thanks for the help,

Shawn 

Hey guys, I'm still new to wholesaling and real estate in general but I found this site pretty useful. 

https://www.thewholesalerstoolbox.com/wholesale-real-estate-contracts.html

It is not state specific tho. 

Hey Kyle, I am far from an expert but I have to agree with Jaron that relying solely on appreciation may not be the smartest strategy. For the 4-plex you mentioned, would you also live there? One thing you could do is ask a few lenders if they could count the potential rental income on top of your house hold income, which would help your debt to income ratio. Just an idea.

All, Thanks so much for the information. It sounds like the general consensus is to pre-screen with questions, show the unit, and them have them fill out an application. That makes a lot of sense to me! Thanks again

Hello BP, 

For the landlords and property managers out there, do you require a perspective tenant to fill out an application before showing them the property or after? 

I'm struggling with the proper order of operations because I would hate to waste time showing my property to someone who has no chance at meeting my criteria but I realize the tenant might feel exactly the same way filling out an application before getting a good sense if they truly like the property (especially since I plan on having the tenant pay the application fee).

All input is helpful and I understand there's more than one way to do things. Just looking for some advice. 

Thanks,

Shawn  

Hello BP,

I am a rookie landlord looking for some advice. In about a month I plan on closing on a duplex which I am going to use as a house hack. Both units are occupied with tenants on month to month leases and I want to move into the upstairs unit since it need some rehab work.

How and when should I communicate with that tenant that I will not be renewing her lease?

Thanks for the help!

-Shawn