purchasing a vacant property

[orei]

I have two questions:

1) How have people dealt with purchasing a vacant property in the past? Is there some way to structure a deal with the conditions that I (the buyer) can find adequate renters before X date?

2) Does anyone have a recommendation for a great mortgage broker in KWC (Kitchener/Waterloo/Cambridge) or surrounding? Obviously, someone who is `rein-aware` would be a bonus.

 

[JaysonSidhu]

There is a way to structure your offer:

Have your realtor write the following in the additional terms of sale:

*Seller to allow access of property to buyer and/or buyer`s representatives for the purposes of showing property to potential tenants. This access will be given upon removal of all conditions and will be given once per week with 24 hours notice. Your subject propety is vacant, the last line could be removed as being vacant you should get unlimited access.

*Seller`s realtor to leave keysafe on property until possession date. Realtors will remove their keysafes once subjects are lifted so they can use those keysafes on other properties. This condition will leave the keysafe on the property, which will allow easy access for your realtor and property manager (if they use the same keysafe system).

Hope this helps.

 

[trev]

This works very well with seller occupied properties as well.
In most cases we have 1 months rent in hand before we take possession.
This also allows you to make your possesion date late in the month, so your costs while the unit is only for 2-3 days. Just enough time to change locks + clean

 

[InvestagainInc]

QUOTE (orei @ Apr 3 2009, 10:20 PM) I have two questions:

1) How have people dealt with purchasing a vacant property in the past? Is there some way to structure a deal with the conditions that I (the buyer) can find adequate renters before X date?

2) Does anyone have a recommendation for a great mortgage broker in KWC (Kitchener/Waterloo/Cambridge) or surrounding? Obviously, someone who is `rein-aware` would be a bonus.

I went through this last year. We had a posession date on August 15 and purchased it on July 15. We arranged through our realtor to have this included in our contract to allow us to show the place inbetween the two dates. We had it rented on August 15 and the tenant came in September 1.

A good realtor is the one that we use, Mike Milovick. He is a REIN member also. If you would like some help, my company offers real estate investing consulting in KWC and property management services.

Thanks,