All Forum Posts by: Ty Zaczkowski

 Yeah that's essentially what my concern was. Didn't want to break any rules or cause any issues for anybody.

It's actually on the Minnesota side, appreciate the input though

I have recently been searching around in smaller cities near my current resident city to find better cash flowing deals. I think I have found a potentially very good candidate about an hour away from me where home prices are much cheaper but rents are very comparable or even more. I searched on zillow, Craigslist, and apartments to find available units and in a town of roughly 15000 people could only find 3 available 3bed unit, 1 of which was 55+. My question is, is there anything wrong with posting a "fake" listing to see how much demand there may be? I know it would be a bummer for anyone actually looking for a place to live and it turning out to not be real but other than that, I wasn't sure if there are any other problems with this strategy. I wouldn't be taking anybody's info obviously or spamming in any kind of way. Just counting responses. Thanks everyone!

Discipline

I am looking to purchase my second owner occupy multi family property and have a question I havnt seen asked or addressed before. A seller recently just posted a property for sale in my area that consists of a 4 plex and a 3 plex on the same parcel. Based on the rents and asking price it is a very reasonable deal. My question is, how much work or is it even possible, for the owner to split the buildings up and sell them individually instead of a single 7 unit parcel?  The building would be open to so many more buyers as our market is full of people looking to invest in smaller multi families who can't quite swing the commercial financing yet... such as myself.  The property has been on the market for a bit, for your reference. I understand it would be more convenient for the seller... if you have commercial property in this style or situation, is it something you would consider in order to make the sale quicker?

Thank you!

I am looking to purchase my second owner occupy multi family property and have a question I havnt seen asked or addressed before. A seller recently just posted a property for sale in my area that consists of a 4 plex and a 3 plex on the same parcel. Based on the rents and asking price it is a very reasonable deal. My question is, how much work or is it even possible, for the owner to split the buildings up and sell them individually instead of a single 7 unit parcel?  The building would be open to so many more buyers as our market is full of people looking to invest in smaller multi families who can't quite swing the commercial financing yet... such as myself.  The property has been on the market for a bit, for your reference. I understand it would be more convenient for the seller... if you have commercial property in this style or situation, is it something you would consider in order to make the sale quicker?

Thank you!

Hey Christian,

I went through the identical situation on my first purchase back in april, tenants were on a mtm lease so after i closed on the property i just had to give them a notice that their lease would not be renewed at the end of the month and that i would also give them an additional 30 days to vacate after the final month was up.  It was the middle of april when i presented the notice so they were informed to be out by the end of May.  I also laid out multiple options where they would get not only their deposit back but also some extra money on top as well to help alleviate some of the hassle with moving.  I would present a notice in person if at all possible even though it can be a little intimidating.  

Been searching for my first deal for about 2 months now and I managed to find an off market 4 plex.  Owner had a rental unit available on Craigslist so I messaged and asked if was willing to sell. Turns out he's very interested. He's looking to get 300k for the property (hoping to come down to 250k). Basically he has said he is wide open to SELLER financing. My plan is to take out a mortgage of 125k to pay off his remaining mortgage of 90k and give him a hefty down payment and have him carry the other 125k on a 15-20 year note. My main question is, is it possible for me to have the property reassessed after a couple years and pull a loan on the equity to completely pay him off and just have bank become the only financier? Just want to make sure this is a legally possible plan.  

Some more details:  the property currently has all 3 other units rented out for 800, 750 l, 565 and the 4th unit I would occupy. And be living for free. Would be cash flowing roughly 400$ a month after all expenses.

We are leaning towards making the contingency of only allowing month to month leases to be signed by the current tenants after the current lease is up.  We're worried if we ask for no renewal of the lease the current owner may this k it's too much of risk in case the transaction were to fall through for any reason. If they are on month to month when and if I take over they can be given proposer notice by me and hopefully avoid any conflict

I'm currently looking at my first deal which is a very large duplex in the downtown area where I live.  All of the numbers seem to check out well so my concern is more with how to handle the current tenant situation.  I will be using a conventional loan to obtain the property so I will have to occupy one side of the home for some time. Both sides of the duplex are currently rented out, however they are paying half of what the current market value rent should be which I found out prior to seeing the units. Hearing how much they were paying made me nervous that perhaps the building was in really rough shape, but to my surprise it's a lot nicer than I expected. It'll need paint, trim and doors, all cosmetics.  I spoke to the tenants during my tour and come to find out one tenant has been there for 12 years and the other for 3 years... They are paying 470 a month and 550 a month for 3 bedroom and 1 bathroom units that are 2000 so ft each. Units like that in the same area are never under 1000$ a month.  Their leases are up at the end of Feb 2018 and as far as I know they have not renewed. My ultimate goal is to take over the property free of tenants so I can renovate one side and rent it as quick as possible and then move on to the other side. What would be the best way to handle this when putting in the offer?