So, for some reason I am in the unique position to purchase a townhouse in NYC. There is one rent stabilized tenant which 2 other bidders who were in contract failed to do. He was amenable to 3 of my scenarios(didn't want a buyout). and I'm moving toward contract Monday.
I've never done a flip of a contract, anyone have advice or contract clauses. I'm learning as I go.
*I would do a double close but for me risking 5% downpayment(which I'll get back in DD if I can't find a buyer) is much safer and less complicated than a double close. Also, while feasible purchasing a $3,000,000 + building is more risk than I'm willing. But, vacant the deal pencils....well. COVID adds an extra layer of complexity but I likely wouldn't have the winning bid if today's scenarios didn't exist.
Hey C.R.E. Shervin, I'm here to break the silence...any of these links help you?:
Fingers crossed that one of those helps you.
what were your 3 scenarios? stabilized tenants in NYC are usually out of their minds depending on the unit’s legal rent.
Be super careful. I know people who have bought townhouses with existing tenants and getting those folks out is the bane of their existence. You basically are giving the tenant a loaded gun - all of your equity is hostage to their craziness
I agree, out of the 2 RS units one is vacant and I am negotiating a different scenario to a buyout that he is amenable to.
what are the two scenarios that don't involve a buyout?
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