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Updated over 3 years ago on . Most recent reply

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Jackie Arrondo
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Inheriting Tenants on House Hack First 3 Unit Multi (RI)

Jackie Arrondo
Posted

Hey Everyone!  Looking for some guidance as I am closing on my first investment property in RI that I'll be housing hacking. All units currently occupied, on month to month that haven't had paperwork since about 2017, and 1st/2nd units under market rent. Closing date was July 20th with the second floor unit (least qualified tenant/way under market) being vacant at closing.  Initially pushed closing out to this late b/c knew tenant would have to relocated.  However, there have been new developments and I am looking for some input:

  • - My realtor contacted me yesterday saying that the 1st floor tenant would be moving (mother to second floor tenant).  No problem, I would go in and complete the renos needed on 1st floor and live in 2nd unit.
  • - THEN found out the 2nd floor tenants apparent housing that was lined up fell through AND 1st floor not moving until July 31st. Thus seller's agent asking if I would push closing, move into 1st floor unit, and allow current 2nd floor tenant to stay.  This tenant has a dog & cat - I am not allowing pets nor does my home insurance. 

Trying to figure out best way to handle this situation and would appreciate any feedback/input! 

Thank you in advance.  I truly appreciate it! 

  • Jackie Arrondo
  • Most Popular Reply

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    Matthew Crivelli
    • Lender
    • Massachusetts
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    Matthew Crivelli
    • Lender
    • Massachusetts
    Replied

    It's going to be tough to force anyone to move. Rhode Island is still in a state of emergency, in the middle of a housing crisis and is a tenant state. i would do my best to make it work with them, if they get a bad taste in their mouth they could just stop paying and eviction could take forever. 

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