All Forum Posts by: Tony Thomsen

Thank you

The owner sent back my financials. He believed that it would not work. My over the road trucking and his tenants. 

I truly believe he wants someone who he would have a better opportunity to get a “new roof and new boilers” replaced and he could take back over. 

Onto the next opportunity 

@Tony Thomsen The contract is the hardest to work out. It’s terms were strict. My paperwork that the owner asked for was “more” then what he requested. My trucking job “owner operator” pays me well enough to payoff the loan at the 3 year mark. But this morning the owner of the multiplex found a problem with my paperwork. I have sensed that the owner may have wanted an unprepared buyer. The contract stated that if any infractions resulting in a breach of contract the owner can take the property back. Any repairs paid out of my pocket were my loss. The lawyer fees; the fees for the seller of the building and for him to get the building back. Those fees charged to me. READ YOUR CONTRACTS

@Brad Schaeppi Just a follow up: the contract terms were difficult. It left no room for any mistakes. I have a very money minded; business family. I was given no wiggle room with monthly payments. Restricted to “reporting” any repairs $400 or more. A roof that would need to be replaced “soon” But, I had worked it all out with my personal banker, my accountant and friends and family that won’t let me fail. Shoot, I had already lined up a separate account that the bank would pay on “A SPECIFIC DATE” monthly payments. I have another friend who has a few rentals that will make sure I’m up on tenant/landlord rules. I even arranged lawn and snow.

thank you, i will contact him. I might be worried for nothing but to blindly accept the SELLERS inspections is dumb. I already went to TitleOne and ran an extensive seller background check. He passes with no liens, Judgements or lawsuits. But, he is a former building contractor and I’m batting zero with honest contractors.

I’m developing cold feet A contract that favors the seller and a standard Minnesota contract for deed. The roof of the 4 Plex worries me and any repairs done to the property is mine to do at contract signing. The roof, I’m not sure if it’s bad, but will payout of my own pocket for an independent inspection But the standard Minnesota c4d gives the seller soooooo..... many ways for the owner to “screw me” out of repairs and legal fees paid to him for repairs. Shoot, if I don’t inform him of any repairs above $400; I am breach of contract. If repairs are not performed; breach WHAT IF: I perform the repairs and the seller gets my $25000 down and monthly payments and then gets a lawyer. According to the contract I would be liable for paying all legal fees. He wants to add a penalty in the contract that is higher then Minnesota c4d “RULES” By adding this the contract would be void. RESULTS contract voided. Property back to seller. ———————————- Inspections and talking to a legal expert would help. It’s not even the 25k down that worries me. The owner is 62 and (no family) and wants to retire in 3 years The rents cover the expenses including the monthly payments. The owner seems to be honest I need advice. Thank you