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Updated over 5 years ago on . Most recent reply

User Stats

43
Posts
19
Votes
James H Webb III
  • Rental Property Investor
  • Columbia, TN
19
Votes |
43
Posts

Multi family investment already has tenants. Need help!

James H Webb III
  • Rental Property Investor
  • Columbia, TN
Posted

I am looking to purchase a duplex in the middle tn area. The lady I am purchasing it from currently has a tenant in each side. Ideally I would like to co-sign with my sister on an FHA loan on this property and use it to get us both started on our investment journey. The numbers all check out and I have finally put the fear behind me and I am ready to make an offer but I don't know where to go from here. Should I look at a different form of funding until the tenants leave since you have to be the primary resident on an FHA loan? If so how do I tackle getting the tenants out after I purchase? They are paying $650 per door in an area that is renting for $1400 per door and I need to make a move. Any and all help or advice is greatly appreciated!!!

  • James H Webb III
  • Most Popular Reply

    User Stats

    43
    Posts
    19
    Votes
    James H Webb III
    • Rental Property Investor
    • Columbia, TN
    19
    Votes |
    43
    Posts
    James H Webb III
    • Rental Property Investor
    • Columbia, TN
    Replied

    @Tchaka Owen I should be able to find that information out fairly easily 🤔 thank you for this response!!! This should shoot me down the right trajectory. On to the next obstacle at least 😊

  • James H Webb III
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