Potential opportunity for Househackers on Oregon?

[Oscar Cardenas]

This is not meant to be a self advertisement but rather an observation and a tip for those that want to grab an off market easier.

In Oregon you cannot evict for non payment of rent purposes due to COVID. The looming heroes act threatens to extend that for a long time.  Landlords generally do not get the forbearance/automated option of payment deferral to the end of the loan that Fannie Mae holders have. If we Oregonians want to start the eviction process that doesn't involve rent as the basis then its a 90 day notice for those tenants that have lived there for over a year and there needs to be a specific reason. Those reasons can be :

-Demolish or convert property.

-rehab causing unsafe/uninhabitable environment.

-landlord/close relative moving in.

-Buyer under contract and buyer wishes to move in.

It would be best to speak with a lawyer to make sure that the 90 day notice + eviction are still possible but I think this might be house hacker heaven to a point.

HouseHackers opportunity

-Start marketing to landlords with material hitting hard on the current emotion of nonpaying tenants. 

-Negotiate and make sure to remind them that the tenant can potentially be there a long time.

-When under contract have a contingency that tenants need to be out before close and state in the contingency or an addendum that you plan to move into the unit. That gives the ammunition needed for the 90 day notice.

-Purchase using a Fannie Mae loan. 

-Get new tenants

-If new tenants don't pay, you have all the protection that regular homeowners have. Get forbearance and make sure to choose Deferral when its time to choose your option. Deferral is now a required option to give per Fannie Mae. Here is a link.

https://www.fanniemae.com/portal/media/corporate-news/2020/covid-payment-deferral-7018.html

This way you prevented the seller from completely losing everything and you just got a good deal on the property while being protected. I know this will offend some landlords but taking advantage of an opportunity due to motivation is the same whether its a regular person or a landlord. 

I hope the eviction bans do not get extended. Just giving ideas to the hungry ones if this does pass the way it is.