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Updated over 2 years ago on . Most recent reply
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Tenant problems before I even close. Red flag?
I am trying to buy my first property to do a house hack. It is currently fully rented but one of the tenants was supposed to move out in late spring. He is refusing to leave. Court date for the eviction got pushed back to September 7th, by this time our lock on the mortgage interest rate expired and went up from 5.125% to 6.875%.
Is this a red flag about the other tenant who I will be assuming management of? Is there any advice for a situation like this?
My wife is feeling concerned about this too since we have no experience or mentors to guide us.
Most Popular Reply
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Quote from @Nathan Holt:
I am trying to buy my first property to do a house hack. It is currently fully rented but one of the tenants was supposed to move out in late spring. He is refusing to leave. Court date for the eviction got pushed back to September 7th, by this time our lock on the mortgage interest rate expired and went up from 5.125% to 6.875%.
Is this a red flag about the other tenant who I will be assuming management of? Is there any advice for a situation like this?
My wife is feeling concerned about this too since we have no experience or mentors to guide us.
I do not think its a reflection on both tenants. In regards to the rate lock, I would absolutely go back to the seller and have him pay for you to buydown the loan back to your prior interest rate for closing.
- Chris Seveney
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