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Updated over 4 years ago,

User Stats

68
Posts
12
Votes
Brandon Kingcaid
Pro Member
  • Rental Property Investor
  • San Antonio, TX
12
Votes |
68
Posts

Eviction under the CARES Act

Brandon Kingcaid
Pro Member
  • Rental Property Investor
  • San Antonio, TX
Posted

Hello everyone. I'm in the middle of closing my 1st deal with an FHA 203k loan in the middle of all this madness. It's a triplex with 3 tenants that have not paid rent since February. The property needs 135K worth of work, renovations must start within 30 days, and they must be completed within 6 months. According to the CARES Act, I would have to wait until July 24 to serve a 30 day notice to vacate, in order to evict my August 24. This would kill my savings, and put me in danger of defaulting on the loan terms. San Antonio is lifting the eviction ban on April 30. If the current owner serves a 3 day notice to vacate, and then files the eviction papers before the "federally backed mortgage" closes, can I get these tenants out of there after ownership transfers to me? Any ideas?! Thanks in advance for helping me with this drama.

  • Brandon Kingcaid
  • Loading replies...