Currently have an offer on a triplex with great rental cash flow. Sent a guy today for inspection, but he said that one of the tenants was very aggressive and also had a gun from what he heard from other tenants in other unit. I personally don’t want to deal with any of the aggressive tenants with guns or a potential gang member. How would you approach in this situation? Would you ask for that tenant to be evicted before closing?

likefunny
Posting as :
works at
You are currently posting as works at

Well it’s legal to own guns in most states, so that’s not something you should be worried about. The aggressive behavior isn’t uncommon because most tenants see an ownership change as a sign that rent is going up. Which is probably true. How long has the tenant been there? How close to market rent is their current rent? How has their payment history been?

Do you plan to inherit the tenants? Or ask that the triplex be delivered vacant at closing? If you plan to inherit, I’d ask for the background check that was performed on the original tenant. If none was performed, I’d request a background check as a condition of closing.

like

So I just heard back from them and my agent is saying that since the lease is ending in July, we can go ahead with closing, but the possession, I can take after the lease ens in July. Do you know if this is a good option?

Smells like a red flag. Unless it’s a great deal I would probably just walk away. Dealing with crazy tenants can be a nightmare scenario

like

It is in Ohio, so definitely a landlord, friendly state

If you are buying a triplex, those are the tenants you will get. There is a reason why it has great cashflows.

like

Nonsense is the question you are asking. What I described is the reality.

No, I would talk with the seller (or agent) and explain that you will pull the offer if you cannot review the property. Next, I would ask about the leases. If they are month to month, buy the property and you can non-renew. Be sure to assess the climate in the area. Are units renting at the same rate? Higher? If so, why? If it requires rehab, then you may need to float the payment until you rehab the unit.

like

So I just heard back from them and my agent is saying that since the lease is ending in July, we can go ahead with closing, but the possession, I can take after the lease ens in July. Do you know if this is a good option?

No, end of the lease doesn’t mean they will vacate. The condition to sign should be that the property is empty.

Related Posts

Does anyone know a Shariah compliant mutual fund that won't violate Independence policies?

Are there resources available for H1b holders thinking to invest? Less than 1year into career and have 10k sitting not sure what to do with it... I’m still unsure if I’ll be in the states long term..

like

How much was your bonus this year?

like

I tutor for cfa if anyone needs help.

like

Anyone here works in blackrock alternative investors group? How’s the culture and career progression like?

like

Has anyone found the AWS Cloud Practitioner Certification to be helpful for people in non-technical roles? Any experience in how potential employers view this cert would be greatly appreciated!

like

Would would a senior product manager do over and beyond a product manager. We don’t have any seniors at my startup and I’m trying to figure out what I need to do/achieve to get promoted. Any advice would be much appreciated.

likesmart

Left IBD to quickly - VP1 opps?

Long story short - was lured into an opportunity to do BD for a large PE PortCo… better work/life balance, but honestly miss the deal cycle.

Anyone know of open VP1 opps right now?

Quick background - former MM banker (think Raymond James, Piper Sandler size) doing FinTech and Asset Management within FIG, but also open to other sectors.

Thanks!

like

Gotta love this crap coming from the President’s family. GOP - hope you’re having fun watching your legacy go in flames this week. Party of Reagan, my ass.

Post Photo
likefunny

Hi peeps, Looking for thoughts on adding a social media feed to the homepage of our B2B Tech Industry website. My thoughts are that it will help get our webinars and personality on our homepage without overly cluttering it up, but does it also navigate people away from our page? Maybe a banner ad on our homepage for the webinars is better? TYIA

like

Does anyone want a referral to The Siegfried Group? Required 3+ years Big 4 experience.

like

Any idea about greenway health?

Does Singapore offer national healthcare services like in Europe? I am an expat and it seems to be that expats can only get business healthcare insurance

like

Hello Fishes!
Any idea how long it takes to get a German visa appointment for an EU blue card and dependents? I am based in Chennai and have been trying for 4 weeks, with no luck. I added myself to the waiting list on the 5th of July and have not received any updates since.
Do slots really open up at certain times?
Am supposed to join work by Aug 30th. Please help!

like

B4 manager (tech consulting) with 10 years of exp. What’s a realistic compensation range for an industry exit? Targeting tech companies (ideally FAANG). Thank you!

likehelpful

I am looking out for job , have 10 years of IT exp . And a certified sfmc consultant too.
Please DM me for any opening.

Looking for a referral for a Data Entry position or any position that doesn’t require me to answer phone calls, that also is 100% Remote!!!

Post Photo
like

Are any of your firms providing vaccine exemptions?

like

Hi Fishes,

I have offer from both nagaroo and Publicis sapeint. Project is not decided in PS but Nagarro hire me for the ZS Client itself.

I am looking for job security, wlb and good project to work on.

Fishes, can you please suggest which should I join?

like

Additional Posts in The Real Estate Bowl

Can I get a commercial loan without 25% down?

like

Closing on a condo soon. Need to get 1 accent wall painted and one laundry bifold door installed. What’s an average cost to expect for this. I got quotes for 2000$, seems steep. Any recommendations for contractors in chicago area?

like

Please help! Do these fees look within normal range or are they too high? I am especially concerned about the title company fees!

Post Photo
like

I am looking to buy my first property soon - preferably new constructions (anything except condos) anywhere in Ontario/Canada. Any suggestions where I can turn to find new construction projects? I understand I need an agent. Until I find a good one, I am looking at the houses myself. Any suggestions where I can get information about new projects happening in the province?

like

For those that built higher end homes, what kind of appliance budget did you have?

like

Looking to move out of California, and considering buying a townhome in Atlanta for ~$650k. Any thoughts on the Atlanta real estate market?

like

How long did it take you to buy your first million dollar home? What were the steps you took to get there?

My dream neighborhood is 10 min down the road but entry point is 1.2m. Currently my house is worth around $550k

like

How long did it take you to purchase your first rental property once you started looking? I’ve been working with an agent for about a month with one offer not accepted, feeling discouraged

like

My assumption is that one makes money in RE with leverage. So, would you never let your equity in any given property get above certain% (I.e re-leverage and invest elsewhere) or would one eventually want to own a property outright?

like

Anyone know the average annual rent increase for 1200 sqft 2 bedrooms? I’m renting and want to know what to expect in a few weeks

like

Any investors in the woodlands Texas for single family homes, rent looks good as per Zillow , good school district and houses are still affordable compared to Dallas and Austin

like

2.75% rate + $2000 lender credit for 30-yr conventional in Austin. Is this good??

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

Who has done FSBO? Thinking of doing it for 2 of my houses that I’m selling in the spring time.

like

Hi - any good books recommendations for getting started on real estate investing?

like

The threat of nuclear bombs flying over cities should crash the real estate market

like

Is this the right time to buy a house as a primary residence. Everything is above listing price and going up on a weekly basis. What is your recommendation, be on rent for another year or two till the time property price go down or buy a house and save money on rent. Aprox budget is $500k and renting a house for 2200k per month as of now.

like

Question for folks with second homes: Considering buying a vacation home but would be primarily for family use. We currently have a primary residence with a mortgage balance of ~640K, so my understanding is I could only deduct the mortgage interest on 110K of the second mortgage to stay under the 750K cap. If I were to buy the second home through an LLC, would that allow me to exceed that 750K since the expenses of the second home would be pass through expenses/income?

like

Anyone sell to Zillow? Got an amazing offer from them, but naturally my floor decided to start deforming right before inspection. No water damage - I can get someone out here to fix it ASAP, but wondering if it’s worth the hassle. Mostly worries inspector will think there’s water or foundation issues

like

I have the opportunity to buy a new build in ATX for 310k at 5.625% 30 year. Should I buy it? I can either:
1) rent it out
2) sell it

It's not my primary and I don't need it to live in. The news about a housing market crash is worrying me. Any advice?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal