All Forum Posts by: Tom Shepard

I would definitely remove the "for any reason whatsoever" part of it, but if they insist that the whole inspection clause can't be in there I would tell them to find another buyer.  Not worth it to take that chance.  IMO.  Of course, I nearly got burned on an auction property that did not end up happening...as they don't generally allow inspections.

@Candace Ellison

Welcome to Bigger Pockets.  Just loads of information on here and great people.

My wife and I have just one rental near downtown, but we are (as are most people!) always looking for more!  We live in the Nashville area and also invest here.

Good luck to you and look us up if we can ever be of assistance.

Welcome to BP Ed! My wife and I are fairly new to REI ourselves (have two investment properties), but are ramping up and looking for deals every day.

Feel free to PM me or drop me an email at the address below if you would like to have coffee or lunch one day!

Welcome to BP @Sherman Leach !

Great people on here, very helpful and friendly.

Our first rental property was in Chattanooga, and we still get down there regularly (2 daughters at UTC).  We should have a cup of coffee when we are down there sometime and compare notes.  Feel free to PM me!

 I've used Hiller on my personal residence, and they are very prompt and professional.  Do an excellent job.  Only downside is that their plumbers are as much salesmen as technicians.  First time they came to my house the guy talked my wife into changing all the sinks and toilets to braided steel lines, for $800.   Probably a good thing to do, but the house was only a few years old!

If you can say no to the sales pitch they will do a nice job.

Like @brandonturner always says:  good things happen when you take action!

In the course of analyzing and prepping an offer on a property yesterday, I asked why they were selling.  It turns out they are an investment group that is disbanding due to the active partners wanting to do something else.  They have 5 properties in my area.  

I asked if they would be willing to sell all 5 in a package deal, and they said they would.  

So!  I am crunching away on the numbers for these 5 properties now.  

My question for the BP gang is:  how much of a discount should I expect or ask for if I buy all 5? We are in a pretty hot market here in Nashville, so they could likely sell separately pretty easily.  BUT - surely it's goot to be worth something to have them all sold at once, do one closing, only have to vette one buyer, etc.

What do you think?

Thanks for all the feedback!

Unfortunately in our state we have to continue the lease as is, and keep the tenant unless they break/violate the current lease.  Have found out since that they have paid each month for the last 12, they pay on the 2nd of the month via auto-debit, and they just signed a new lease that will expire in November 2016...terrible time for a least to end, but it is what it is.  My big question I will try to find out is why if they have what appears to be a good tenant in place is the owner selling the property? 

Having never purchased a property wih a tenant already in place, we are trying to use caution.  We made an offer with all the normal contingencies and in addition, we added contingent on proof of last 6 months rent payment, and satisfactory examination of the lease.  What suggestions do those experienced in this have for us?

@Rick Fagan if you have not already, make sure you check out the BP Podcast, #75 and #111.  Both deal with MHP's.  Have fun! 

You could ask them to get a $500k umbrella policy with you as the covered insured...they will not want to do that and will probably drop it.  Of course if they do, you are kind of stuck...but covered!