All Forum Posts by: Tarik Hodzic

Hey all,

I am writing to ask what my options are for this scenario.  I closed on a triplex last July.  During the walk through, I noticed that the washing machine and drying machine were both coin operated.  They said yes and when I asked if they are under contract, the seller's agent said no and it can be canceled at any time.  Well towards the end of the year I called the company and asked them if they can come pick up the machines as I already bought my own.  They said there is a 7 year contract on the machines which transfers with house sale.  To break it it would cost almost $5,000.  I emailed the seller and he said he is working on another flip and would pick the machines up in November and transfer them to his name.  December came around and he said he is no longer picking them up and that I am on my own.  I threatened to take him to small claims court over it because this contract was never mentioned in any disclosure plus he said there was no contract(no written proof of this).  His response was "don't threaten me with a good time".  Is this something I should pursue and can I win?

Thanks in advance for any advice!

Hey all I really appreciate the input you have given me. The settlement company got the rents and deposits and the AC units are also being taken care of as well! The seller ended up reaching out to the person who initially installed it and a new coil is on the way. All it took was consistent contacts from myself and my agent. Thanks all for the input. This has been one heck of a learning experience. 

Before the closing the selling agent texted us saying we will receive those checks on settlement date. Thanks for your response but I asked if there was anything I could do? Like I said I'm a new investor and trying to figure all of this out.

Hey all, I just bought my first investment property, a triplex. All of the numbers made sense and overall I'm happy with the purchase but there are some post purchase issues i am hoping to get some advice with. The triplex is currently occupied and before we closed, we agreed that the security deposits and prorated rent would be given to me at the time of the closing. We have a text from the seller's agent saying that's when I would get it. I thought that's what the sellers credit was so I never asked any questions at closing. But it looks like all of that was released to the seller by the management company before closing. Right now we are in an email thread where the settlement company asked the seller to write a check to my agent. That was like two weeks ago with no response from the seller. 

The other issue I have is on the description of the triplex, it says everything Jing is brand new and it specifically lists out the AC and furnace. Well I now learn the AC in two units hasn't worked since January. When you fire it up, you can hear it but no cool air comes through. I brought an AC guy to look at it and he says yeah the coil is new in only one of the units, the other two have bad coils and they need replaced. $3k+. So the seller lied about the new AC and furnace and have been ignoring the request by the tenants to get it fixed since January. I had a pretty pricey inspection pre-sale but he said AC is fine. 

Do I have any post closing options or am I out of luck? 

Hello,

I am in the process of buying my first investment property, a triplex.  The triplex was a complete renovation by the seller.  After inspection, the inspector noted concerns about the foundation and the caving floors.  I asked the seller if they had the building inspected by an engineer and if not if they would pay for one to check out the foundation and floors.  They came back and said it has not been inspected and he wouldn't pay for one.  Should I just bite the bullet and pay for one?

Hey thanks for the response. Here is some more information.  There is no further work needed on the house.  It is in good condition with recent renovations.  The water heaters, furnace, and roof are all brand new.  The total rent equals $1550.  The 1 br rents for 750 while the 2br rents for 800.  I would be managing the building so the management expenses would be $0? I am not quite sure how to estimate capex.  Mortgage including taxes is $1100 at an apr of 5.24%.  Home insurance I am estimating around $1000 per year.  

Hello all, I have been lurking for a couple of weeks and finally posting for the first time. I am looking at getting a 200k duplex in a good neighborhood and wondering if it's a good first investment. One is a 2br and the other unit is a 1br. Combined they could rent for 2k. A lot of people live by the 2% rule here but I'm having a very very hard time finding a property that could rent for that much. I would be putting 25% down and my mortgage would be around 1000 per month. I could also use an FHA loan and love in half of it but my monthly payment would be 1400