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Updated over 10 years ago on . Most recent reply

Account Closed
  • Real Estate Investor
  • Portage, IN
5
Votes |
8
Posts

Current Duplex Owner Will Continue to Live in Duplex Once Sold

Account Closed
  • Real Estate Investor
  • Portage, IN
Posted

Ok guys, I am 100% new to this, so go easy on me. I am looking at generating passive income over the next few years with some buy and hold duplexes. I am going to go view a few this upcoming weekend and have a question:

I am looking at a unit that is currently occupied on one side by its owner and on the other by a tenant. The owner has stated that they would continue to live in the unit once sold, but just didn't want to deal with owning it anymore. 

I am a bit nervous that the current owner might feel some form of "privilege" having owned it. Basically I dont want this to end up being a relationship where they think they can tell me what to do as they have owned the property for years. With this being my first deal I dont want to make it any more difficult than it has to be. 

Has anyone else dealt with this? Did it end up working out ok for you or was it something you ended up regretting?

Any and all help would be appreciated. Thanks in advance! 

Most Popular Reply

User Stats

584
Posts
353
Votes
Wade Sikkink
  • Real Estate Investor
  • Lincoln, NE
353
Votes |
584
Posts
Wade Sikkink
  • Real Estate Investor
  • Lincoln, NE
Replied

We bought an apartment building last year and the owner was living in one of the apartments.  He kept telling me that he would be out in a couple months.  Well, here it is a year later and he's still there.  His wife told my wife a few weeks ago that they are probably going to be there for a long time.

I wrote him a $300k check last year so I know he has the money to make the rent.  He can stay as long as he likes...

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