Should I put an offer on a home that has tenant issues and in court? I was only able to see one floor, and there is no timing as to when the tenants will leave? I'm looking to buy but in no rush. If an offer is good to secure my place with the seller, what are some things I should be looking out for? Thanks!

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

Don’t buy if the tenants are not out. It could take a year and a lot of money to remove the bad tenant.

like

If you really want the place, have a clause in the contract that will let you back out with no deposit money lost if the tenants are not out by a certain date. You could offer them a longer closing window to allow them to take care of the tenants. I would definitely not buy this place if it was not delivered vacant.

like

I live in MA, so I will speak to how it's done here. Usually, it is $1000 with the offer. And (5% - 1000) at time of purchase and sale signing, which usually happens within 7 days from signing the offer. The remaining (downpayment - 5%) at time of closing.
Your realtor should be able to help navigate this situation. If they don't know how to, get a new realtor.

like

I’m sure seller would be happy to make this your problem. Don’t do it.

like

A friend from law school makes a ton targeting properties at a big discount because of things like problem tenant, ongoing eviction, bankruptcy, trust/estate issues, etc. He bought one without road access but a hundred year old county map shows a road there and they didn’t ever follow the right procedures to abandon it. Which means after a multi year fight they have to go build out a modern road through a neighboring property that didn’t think he had an easement through his land, and now my friend is up millions on that deal. Was it a long pita process with money tied up for years? Yeah it was. And still millions in profit as he now subdivides something that looked worthless at the start. That’s an extreme, but there’s plenty to be made in problem ridden properties. It’s how big is the discount and are you willing to take the risk, be tied in for a long time, and deal w the hassle.

like

Depends on the property, the price, and the state.

If it’s a landlord friendly state, I’d be open to it at a cheap enough price. Knowing there’s tenant issues means you need to plan for repairs as well as covering costs while the issues are settled.

If it’s not in a landlord friendly state, then run.

like

NY is a heavy tenant friendly state. You’ll face a steep uphill battle getting the tenant out. I wouldn’t bother

like

I almost bought a property a few years back that has the same issue. I regret not buying it now.

Really, hindsight! What made you regret now

Related Posts

Hi Fishes,
I have recently joined Deloitte and have to submit my HRA declaration, my work location is Hyderabad and even i staying in Hyderabad on rent but my owner refuse to give me her PAN card details.
I can submit my parents PAN details ( both are retired but they stay in Jharkhand) instead of my owners
Can you guys plz suggest ?

like

Closing on my first home. Advice for anyone with student loans in administrative forbearance per the Cares act: once your offer is accepted have you student loan servicer put your account back in repayment status.

Accounts in forbearance, even administrative forbearance, are calculated at a higher monthly payment by the underwriter.

My fictitious debt to income ratio was too high for them to approve me, and it took seven days for my loan to be officially back in repayment. So just a heads up.

like

What does 401k mean?

like

When to sell at a loss?

I’m 26 and have a fair chunk of my NW tied to Cloudflare - a tech stock that I believe has the opportunity to 3x and become a $100b+ company over the long term. Similarly, I have a lot in cloud computing etf - WCLD.

Given short term rotation out of growth stocks, I’m confused on what to do. I think we still have some time before growth stocks bottom out, but do I sell?

I would consider myself a “long only” investor, but am unsure what to do given my lack of diversif

like

150K in Singapore, and $150K in Chicago. Which one would you accept?

like

Any thoughts on I bonds? Some recommended them. Pros, Cons ?

like

If I max out my traditional 401k and have a mortgage interest deduction to against my w-2 taxes does it mean I can pay way less taxes than a average person who makes same amount salary as me?

Can I move to Florida the month my bonus hits and not pay any NY State tax on it? Or would I just declare that 1/12 of the year I was in Florida and get the pro-rated refund from NYS on my overall Pay

like

People worrying today should read books on trading psychology! Not being patronizing- it will help you in the future, not just for investments but for doing better in life!

like

I have a new prospect. Small business owner that wants to start a 401k for himself and his employees. Who would be the top 2-3 organizations I contact, and what questions should I ask the providers?

like

Does anyone think there is long-term viability in Cryptos?

like

I worked with a Junior AD that skipped college and went straight to portfolio school. I was mad resentful of him at first, mostly because I wish I would have thought of that and saved $100K.

like

What apps do you use to purchase coins such as XRP

Looking to buy a practice in the St. Louis, MO area if an advisor is ready to consider retirement, could transition over 1-3 years as desired.

Anyone have experience with buying BVLGARI in Italy? I have my eye on an Octo and a trip planned for next summer (hopefully) - is there any benefit/negatives to buying in Italy?

like

Those who moved nyc to nj- assm min change in rent, how much did you save on an avg cause of taxes etc.?

like

What are the best ways of tax exemption

like

What do we think is going to happen with student loan deferral? Any recent new grads thinking they’re going to pay back any time soon? Some argue Biden is going to keep pushing interest pause til next election then forgive 10k as a strategy to help get re-elected? I only have 15k to pay and can pay it anytime, but no incentive to when that money can be earning more elsewhere in the meantime, thoughts on what is really going to happen?

like

Does American Express gives the Diwali gift ??
Amex

like

Anybody have experience with PenFed for a VA loan? Came up in a search and their rates are extremely competitive. Any reason I shouldn't take the lowest bidder?

like

More Posts

CohnReznick is looking to add some Managers and Seniors to the Transactions team. You have the ability to work remote 100% of the time with no travel. We have offices in every major city. Very reasonable hours, great offshore team, easy to use databook and report templates, large sign on bonus, very large performance bonuses, and salaries that match the Big 4. DM me for referrals.

like

I have a SQL assessment to complete with Home Depot for a Senior Analyst position for Inventory Solutions department and a little nervous for it as I have not touched SQL in over a year and a half since my previous role. Does anyone happen to have any tips or insight on the assessment? What functions are commonly asked, etc. thanks in advance. Looking at YouTube and LinkedIn tutorials at the moment to freshen up.

like

I have an interview for a role in Quality, specifically ER. I have no ER experience but have med surg, oncology, home care, and OR so I was just planning on talking about how all my previous RN roles have involved process improvements. Any other helpful suggestions?

like

How does this work? I desperately need an accountability partner

like
like

Hello folks,

Looking for M single or shared occupancy in furnished 2/3bhk.
My office location is in business bay so looking for flat in 3-4km in its range. Budget is no problem as long as it's reasonable.
Any leads are appreciated.

like

I am looking for Two BHK Apartment non functional/semi furnished/full furnished

in around 10km radius of phoenix mall

Any direct lead/Owner available please do let me know

like

Hi all,  I am looking for a male flatmate in Viman Nagar.

Rent: 13,500 (Attached bathroom) + 1,000 for furniture/appliances

Deposit: 37,500

One time setup cost: 10k (Mattress, Cookware Set, Mixer Grinder, Iron, Saucepan, Induction, Furniture/Appliance Deposit etc - Deposit of 2,500 is refundable if we decide to stop renting furniture and appliances)

like

Guys please suggest any good hotel(no need hifi, just for night stay) to stay in kharadi, Pune or near by.
I have 2 days working office in a week. Need for 2-3 days only.
If you have any idea please suggest.

like

How much programming language is important for a QA Engineer..

Need your inputs, I have experience in Java Automation for past 2 years.. now my yet join company is using Ruby for Automation. Not a big deal in learning about ruby. Only worried about that if I continue here, in process of learning ruby I might have unlearn java. If I need to come out then openings on Automation with ruby in the market is pretty much less I think..

Fellow QA's What are your thoughts on above.

like

I have my final interview at Headway for Software Engineer on Monday, any specific things I should prepare for? I chose the full stack technical interview.

Any tips appreciated!

like

Hello
Anyone attended Mu Sigma Drive on last Saturday(9th July)
Let's connect with each other
Please reply to this post

like

Any PowerBI consultants out there? Curious if the need for this is really out there, how lucrative it is, and what other skills help in your process (sql, python, etc)

Tks!

likefunny

Does anyone have a list of the things (food, drink, other OTC meds) that make adderall less effective? I know I can simple google search and ask my doctor but want to hear other peoples thoughts…I love drinking my coffee to wake me up in the morning but I’m afraid it’s making my meds less bc of its acidic nature 😵

like

Anyone heard if Wizard of ads?

like

How is pega practice in LTI ?

like

Additional Posts in The Real Estate Bowl

Fishes! what are the best grounds to dispute my property tax valuation? What support should I have?

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

Commercial real estate question. When a residential property will likely zone commercial in the coming years, do we, the owner, wait for a buyer/developer to contact us?

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

If I’m a Real Estate Agent buying my own property, can I negotiate the Buyers Agent commission to be 0% instead of being paid the buyers commission? Essentially converting what would be Income into Cost Savings for tax purposes?

like

What are some of the things that were a MUST when buying your first home and what were some things that you were more flexible with and why? I’m having a discussion with my partner about what we absolutely need and what can be worked on later.

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

First time home buyer and I have no idea what I can afford. Excellent credit. I know to get a preauthorization before looking but want to skim homes the meantime. Any good rule of thumb when searching?

like

It’s a myth that renting is “throwing money away.” Maintenance of a property is expensive! I’m selling my place and I’ve never felt more free. I can use that money (~$5000/month) to invest even more.

likefunnysmart

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

like

Now that the rents are going higher and housing is not affordable. With wfh option is it good idea to love to ranch with house?

Anyone here invested or opted as primary living place outside of cities?

Cheers

like

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

like

Looking for an NJ store selling hardwood flooring that has a decent selection and not too lengthy delivery times.
Everyone seems to have a 4 week wait for hardwood. Any help is appreciated.

like

I am selling house and remodeling both master bath and kids bath. Got quote for 29k for both and I buy floors and cabinets.question is I have a very big whirlpool tub and tiles around it discolored. It’s a hassle to lift it up change the tiles and fixtures and put it back. It’s old but works great. Remodeling ppl recommend get rid of it, give space to buyers if they want to buy standalone tub. I thought it adds value to have whirlpool tub. But can’t even change fixture. Should I get rid of it?

Post Photo
like

From a financial standpoint in this market, which would be a better approach in Austin -

1. Buy a ~8-850k house that meets most of our ideal criteria (size, schools, interiors etc) to stay long term

2. Buy a ~5-550k house that’s not ideal with the plan of moving into an ideal home in 4-5 years when kid is ready for school.

How easy is it to get a mortgage for the second home?

Household income - 300k

Happy to add more details as needed

Thanks

I have a rental property and my tenant is asking me to change the fridge light burb. I live out of state and don’t have property manager locally. Is it bad if I ask them to change the fridge light burb themselves?

I’m pretty responsive for things they need help with like laundry machine got broken or pantry doors fell off. So I had sent people to fix those maintenance and repair issues.

But light burbs? Srlsy? They are grown up people (fresh out of college girls)

likefunny

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

like

Looking to buy a vacation home on the west coast not in a major city. West coast so it doesn’t take too long to get there. Could consider other areas, but don’t want to spend too much time traveling there. Budget is under $700k for 3 bedroom, at least 2k sqft. Any ideas?

like

What do you all think of fundrise and start engine Real estate Reit ? Any experience? Would you invest here if you didn’t have the time to actually buy and rent properties? Any insight is welcome.
Thanks

like

I joined a real estate team & I was expected to show up at 9:00am sharp every single day. Is this a common team policy?

funnylike

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