All Forum Posts by: Brian Mahan

I'm trying to work on the verbiage for how to qualify a replacement like credit score threshold, what qualifies for a passing background check and also that the tenant must pay same or greater rent etc..

thanks Alan, Theresa and @Patricia Steiner that is great suggestion.  We are working in a contingency now to have sellers find a replacement.

I'm under contract for a duplex and part of the qualifications for the loan was income earned by tenants. One of them is all of a sudden breaking lease and this could up end qualification for the loan. How do I have owner replace tenant with a quality tenant before moving forward?

Hi, I was pre-approved for a non-QM loan and am very close to sealing the deal on a duplex.  However some issues came up with one of the leases.  I closed last December on another duplex that I'm using to qualify rent for income.  One of the couples living there had their mother sign the original lease as the tenant and  next to her name was the couples first names,  I guess a form of co-signer. The next year the daughter signed a lease renewal that would have her living there well into my ownership.  When we transferred the lease the title company only got signatures from the boyfriend.  The female tenant as expressed that she would want to move out and knows the boyfriend only signed.  How do I fix this without losing my current deal? I need to count the income and to count the income i need a lease!

Thank you John and Bob for the advice.  I've had a similar situation about 4 years ago when a couple wanted to break the lease for another rental but this one is a little more messy.  

We live in Orlando, thanks!

We have a turnkey property we bought with a couple living in there.  One of the tenants wants to move out for a "job." The other Im not sure is aware the other wants to move.  When the original lease was signed it was signed by one of their mothers, the one wanting to move out.  When they signed to renew with us the other tenant signed but I dont think they were on the original lease.  Can they pickup and move leaving me with tenant who isnt the one paying the bills?  The mother has been responsible so far.