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Updated 5 months ago on . Most recent reply
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New Investor Seeking Advice On Section 8
I'm interested in writing an offer on a duplex in Columbus OH that is currently occupied with Section 8 tenants on both sides. Is there anything I need to do, or be aware of when buying an occupied property with section 8 tenants? Do I need to re-apply with the city? This is my first investment property, I plugged everything into my deal analysis calculator and it seems to be like a good deal but I want to ensure I don't have any surprises.
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Quote from @Lolo Druff:
I'm interested in writing an offer on a duplex in Columbus OH that is currently occupied with Section 8 tenants on both sides. Is there anything I need to do, or be aware of when buying an occupied property with section 8 tenants? Do I need to re-apply with the city? This is my first investment property, I plugged everything into my deal analysis calculator and it seems to be like a good deal but I want to ensure I don't have any surprises.
Here is a standard clause from the Columbus Realtors you can use to protect yourself:
111 Investment Property Purchase Clause
This Offer is contingent upon Buyer’s satisfactory review of all leases, rental agreements, deposits, past _______ years’ income and expense reports and within ___________calendar days after acceptance of this offer. Seller shall provide such documents and information, representing them to be true and accurate, within _______calendar days after acceptance. During the pendency and term of this contract, Seller shall not change any existing lease, enter into any new lease or make any substantial alterations or repairs without the consent of the Buyer. Failure by the Buyer to so notify the Seller and/or Seller’s Broker in writing, within the calendar days, shall constitute an election by the Buyer to proceed with the transaction.
As @Nathan Gesner mentioned, an estoppel agreement is a great thing to get but I have rarely been able to convince a seller to get that from their tenants during a purchase and you could put yourself at a disadvantage when bidding on properties by requiring the seller to get this
- Remington Lyman
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