Went to look at a property today. We've seen it before, a couple of years ago. We didn't buy it then because we didn't really have the extra funds. But DH has always liked the area and wanted to take another look (the new owner called us, they want to sell and move into Commercial a la Sid. So they say.)

So we look at it. SAME TENANT as last time, he says he's been there 10 years...place looks better than I would expect with a 10-year tenant but it needs a lot of work generally - clean but lots of wear & tear.

THIS time, though, we hear about the tenant's troubles. An accident, a pending lawsuit, he admitted they pay rent haphazardly ("when we get the money...") and there is another baby is on the way...

Property includes 2 houses, we will see the second tomorrow. That one was completely redone when it was for sale LAST time, it was empty then - there is a new tenant now.

All this to say: not interested in listening to stories before we even buy the place, but glad he chose to regale us anyway...also to tell us the well water sucks (they won't drink or even cook with it) and the washer from the place next door is just vented out onto the ground (septic issues? Sounds like it.)

Information in, information out.

No back taxes, has only owned it a year (11/21.) Judgements don't show up here online.

I agree, the more information from both sides, the better.

Well water is can be hard. I have a well, and have a treatment with salt water and the water is pure, crystal clear, no iron (rust) marks and super soft. Worth the investment IMO.

You won't be keeping a tenant that pays when they can. The sooner they are gone, the better. Remodeling beyond livable, is always a good reason. I would also look at liens on the property and back taxes, if any.

Septics, sigh, ask for documents on maintenance not a verbal. Show proof. Otherwise, you maybe looking at a new system. I know about this from living on septic. If not maintaned can be very expensive to replace. Could ask for reduced price for septic replacement. Ask about the well, get all the documents you can on these two things. Proof not verbals.

He said septic must be pumped two times a year - for that tiny property, that tells us drain field has probably failed but they'd rather keep pumping it than fix it (all our properties are on septic, we know about them.)

W,

I just nod my head and smile, investing 5 minutes in the current res giving me info the realtor and seller won't divulge, and the res screening himself out.

Best to know this res BEFORE we sign a new lease.

BRAD

Can't you also do tests on the well and septic? Make it part of the deal ... I wouldn't trust either one (Ts are most likely going to tell you they don't like .... and Ss are going to tell you whatever they can to sell it). Listen to them, yes... believe them... NO.

The pumping 2x a year could be a small septic OR the fact that the tenant is actually doing things they shouldn't be. I had a property that they had to pump yearly... then I found out that it wasn't getting full or any issues other than the tenant kept dumping things down the drains clogging them up and just kept telling the owner that it was full. Septic company apparently never told them different because the owners were never there when the company pumped it.

Well water "could" be a concern or it could be that the tenant just doesn't trust wells vs public water (or they just want to complain). Get a water sample and find out if it's potable. Sometimes it's an "easy enough fix" and other times it's run for the hills".

Pump the septic twice a year??? Have it checked out and if still interested negotiate on the price to cover fixing it...it can be very expensive.

I bought five duplex units from the same guy at one time.

After closing he gave me a list of the deadbeat tenants and laughed. I had asked ahead of time who the bad ones were and he said none of them.

It was a D move on his part. I turned the trouble tenants around. Well all but one if I remember correctly. The things I learned about that guy after I purchased the places was surprising.

Best thing I learned was that a few years after I made the purchase he lost it all and filed BK.