All Forum Posts by: William Dubinsky

@Daniel Y. I purchased in Euclid, Ohio

@Marc Winter The tenants had a lease, but it was from when they originally moved in back in '15. The seller was very disorganized, and had little to no records of anything. He told me PM when turning over keys that he was a bit of a push-over when it came to enforcing them to pay rent and that didn't help his situation out. The security deposit he said he spent to recoup previously lost rent so I never received that either. I didn't mention my inspection in the report because I didn't think it was necessary to bring up. The inspection was done, we noted the repairs needed in writing and have a form with stated repairs to be completed that's been signed by both parties.

But you're right, I can't let this deter me...I knew that things like this would happen eventually, I just didn't think it would be all at once and all in the start! I'm starting reno this week, hopefully I can get some quality tenants in very soon! 

Thanks for the feedback!

@Virginia Marphis I called one attorney in town, he really said there wasn't much I could do, but he mostly seemed in a hurry to get me off the phone, and I felt like he didn't really care much of what I had to say, so I wanted to reach out to a larger community here and see people's thoughts.

@Wayne Brooks, unfortunate, but lesson learned. Thanks!

I recently purchased a property out of state. The process to close was difficult to say the least. Despite me covering closing costs, closing still had to be delayed over a month for the seller to find financing to cover back taxes and utilities he hasn't been keeping up on. But the home was already occupied with tenants that had been there for almost 4 years and wanted to say, and the seller said they were no problem. I had my agent walk the property and she talked to the seller directly.

I closed on the property at the end of January, immediately, the issues began. When dropping off keys to my PM, the seller informed them that the current tenants were horrible, and not to trust anything they said. He said the tenants were between $5k-$6k behind on rent and and they were the main reason he had decided to start selling all of his properties.

Instead of collecting a check from day 1, I had to immediately begin an eviction. Additionally, I now need to extensively reno and repair the property. I knew this expense would be coming, but because I was under the impression I had good tenants, I thought this expense would be a ways down the road. Last week I went to look at the property and discovered the seller has also not made several repairs to the house that he agreed to do before the title transferred.

Do I have a case to take legal action against him?

@Ty Kirkpatrick, @Jay Hinrichs

The seller was able to get a HELOC. Thank you for your advice!

@Tyler M. Thanks for the advice!

I've been under contract on an out of state SFH that was supposed to close mid-way through December. After several rounds of negotiations, repairs and inspections I wired my money to close only to find out the seller can't come up with the money he owes on back taxes, utility bills etc. He owes about $7k total before the banks will let him close. Does anyone have any suggestions??

@Alex Daniel I've been quoted the same, send pretty standard

I'm wondering when it's a good time to stop setting aside money from monthly CF and start setting it aside for the next property. Any recommendations or schools of thought on this?