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Buying multiple units owned by the same tenant

Offline Travis

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Buying multiple units owned by the same tenant
« on: December 20, 2014, 02:36:54 PM »
What do you do when you see multiple units rented by the same tenant for sale? If you buy one unit, do you try to buy the others as well? If you're only able to buy one unit and there is something you need in another unit, do you approach the other buyer?

Re: Buying multiple units owned by the same tenant
« Reply #1 on: December 20, 2014, 03:59:08 PM »
if i KNOW there are multiple units owned by the same person I buy the first one and tear through it real quick, if it looks promising i buy the others.

Offline alloro

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Re: Buying multiple units owned by the same tenant
« Reply #2 on: December 20, 2014, 04:38:44 PM »
Around here they don't let you access a unit until after the auction is over and you've paid for it. Until it's paid for it's not legally yours and you cannot go in.

Re: Buying multiple units owned by the same tenant
« Reply #3 on: December 20, 2014, 07:15:05 PM »
yah, everyone knows me here so i guess i get certain "perks". I tried the same thing down in florida and it did NOT fly lol. Here I don't ask I just go in before I put my lock on.

Offline Travis

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Re: Buying multiple units owned by the same tenant
« Reply #4 on: December 20, 2014, 07:56:11 PM »
Around here they don't let you access a unit until after the auction is over and you've paid for it. Until it's paid for it's not legally yours and you cannot go in.

That's probably just because you look suspicious.  :19:

I've never had a problem entering a unit before I paid for it. Heck, I've even taken valuables out in front of the auctioneer and carried them with me for the rest of the auction. You bought it once the auctioneer says sold. It's a binding contract.

Offline alloro

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Re: Buying multiple units owned by the same tenant
« Reply #5 on: December 20, 2014, 08:54:33 PM »
You bought it once the auctioneer says sold. It's a binding contract.

Okay so someone wins the auction, takes a few items out like you did, then takes off and never pays. Now what?

Re: Buying multiple units owned by the same tenant
« Reply #6 on: December 20, 2014, 09:29:01 PM »
In central fl they auction them all to the option of one or all. 3 lockers means 3x the price. the winner gets to choose all or let the other 2 go back to auction

Offline Travis

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Re: Buying multiple units owned by the same tenant
« Reply #7 on: December 21, 2014, 12:34:12 AM »
Okay so someone wins the auction, takes a few items out like you did, then takes off and never pays. Now what?

I'm sure that happens from time to time. It doesn't change the fact that the property changes hands as soon as an auctioneer says sold. If it wasn't sold until you pay, why do they yell SOLD? Now, if either party fails to perform, it's a breach of contract assuming the amount is less than $500. If it's over $500, technically there would need to be a written agreement for the contract to be enforceable, although most courts have ruled that oral contracts like these are enforceable.

Offline Travis

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Re: Buying multiple units owned by the same tenant
« Reply #8 on: December 21, 2014, 12:47:18 AM »
In central fl they auction them all to the option of one or all. 3 lockers means 3x the price. the winner gets to choose all or let the other 2 go back to auction

That's probably the best solution. That way you can look to see if there is anything else you need in other units before you buy one. I watched a guy buy a unit that had a really nice dining table in it. The matching chairs were in the next unit. One guy took advantage of the situation and bought the unit so he could sell the chairs to the other bidder at a premium. Worked out in his favor.

Offline rulesforrebels

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Re: Buying multiple units owned by the same tenant
« Reply #9 on: December 23, 2014, 11:40:43 AM »
I was at an auction once where several units were owned by the same tenant or company. One had some machine I don't recall whether it was for laying concrete or splitting logs or something but anyhow an expensive machine. Next unit was full of garbage however contained the remote for this machine which if I remember correctly was either ridiculously expensive or was unique to this machine and you couldn't buy a replacement. One guy bought the unit with machine, second guy bought unit with remote. Somehow the guy knew he needed this controller and wound up getting raked over the coals for it. That is a great reason to attempt to buy every unit owned by the same person. This situation was unique but even with furnitre or something you never know if your missing one piece to a living room set or something or a cushion to a couch or whatever.


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