Re: Repo’s in Sunday paper - Posted by GL(ON)
Posted by GL(ON) on July 21, 2002 at 22:29:35:
Tenants have rights protected under your state’s laws. If they have a lease you must honor it. If it is month to month (no lease) then your state’s laws cover it.
If the tenants are bums and the previous owner started eviction, or if they owe him money, you inherit that too.
If they are good tenants why would you want to evict them? If they are bums put your foot down right away and they will smarten up or you evict them.
You do not need to do a thing to occupied units (except necessary repairs). Do the renovations when you get a vacancy.
Right off the bat you should do any work necessary to fix up the outside and the common areas (halls laundry room etc.) especially the outside.
This will give you and your building a good name, make it easier to attract good tenants when you get a vacancy, and it will please the good tenants you have.
When doing renovations you should always start with what people see (the front and outside) and the vacant apartments.
A good deal is where you find it. I wouldn’t turn one down because it came from a realtor.
The problem is, they tend to stymie creative deals. In other words it’s harder to make a deal when an agent is involved than when you deal direct, for various reasons.
The wheeler-dealers seem to think they can do more good deals by themselves.
If you are a long term investor and have cash for a down payment they probably won’t hurt you much.