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Updated over 3 years ago,
New OR house hacker questions
Hey BP family,
I found a duplex off market that I intend to house hack with my VA loan. The seller is an older guy and wants to retire from real estate. He's had the same tenants in place for almost a decade and their rents are about $600 under fair market rent according to rentometer. I have a few questions:
1) the VA loan requires me to close and occupy within 60 days. If I'm not mistaken, the new requirement in Oregon is a 90 day notice to vacate a tenant after an offer is accepted. Any way around this?
2) If I become the new landlord, Am I restricted to the 7% rent increase cap? I want the tenants to pay fair market rent. If they can’t, I’d like to advertise for a tenant that is willing to pay that rent. For reference, the tenants pay 1200 a month, but fair market rent is 1800.
3) if the tenant isn’t willing to pay the higher rent, do I have the ability to replace them due to being the new landlord? Will I have to work some
Kind of cash for keys or pay a relocation fee (I know SB 608 states you’d only have to do that if you have more than 4 properties. This would be our first).
Thank you! Any information would be greatly appreciated.