All Forum Posts by: Alex Varner

@Bryan Devitt its a garage (just doesn’t have doors but has walls). It would need to be torn down and rebuilt. I’m thinking I just tear it down so it doesn’t collapse on a person or their property.

I currently own a duplex on an FHA loan at 3.5% down that I am planning on using the BRRRR method on. From my understanding in order to refinance out of the house I have to have the house repaired/updated to the point where the ARV is high enough for me to refinance out. The immediate question I have is: I have a 2 stall car port that is in horrible condition (leaking roof, rotted wood, mold). Should I just tear it down or should I rebuild? Most houses have a garage or carports, but I don’t know if the $10-20k on a rebuilt garage would add much value to the property. Thoughts?

@Emily Paul As a recent college graduate, it is sometimes harder to find 5 people that want to live together as compared to a group of 4. (This will depend on the college though). Even though it’s rented by room if you get 4 friends and 1 outsider, they may not get along which could cause you some headache. Just food for thought!

I have a tenant that is terminating their lease early (per my request) which benefits me as I now need to occupy the home for personal reasons. Is there a early lease termination form I need to have them fill out to protect myself from the tenant coming back and saying I “illegally” evicted them? Even though I don’t anticipate this happening because this is on good terms, I just want to be sure I’m covered. Thanks!

@Brie Schmidt

That is correct, the unit I don't want to move in is January 1st, the unit I do want to move in is March 1st. I'm going the FHA route with 3.5% down, so if I don't move in within 60 days, then I have to put 25% down?

Hey everyone, I am currently in the process of buying my first owner occupied duplex, which currently has tenants occupying both units. Per my realtor, both tenants were on month to month leases, therefore I could move into the unit that needs more TLC, 30 days after closing.

I am set to close this Friday, and I got a phone call from my realtor today, who told me she just heard from the current property manager that the tenants in the unit I planned on moving in have a lease unit March 2019, and the tenants in the unit I do not want to live in until January 2019.

Here's the kicker... my current lease ends at the end of July 2018 (next month), and I will be out of the country for the first 3 weeks of July. I'm kind of freaking out, since I don't have time to 1, look for a different deal, or 2 hope that tenant in the unit I want to move in will go without a fight.

The current property manager said the tenant has been a good tenant, and he thinks that he will leave without issue, but I'm not going to just hope that he's right, as court costs will be a lot, I will have no where to live, and the cash I'll have left over from this deal will be needed for repairs for this property to cashflow.

Any suggestions???