All Forum Posts by: Chandler Hall

Hi all!

I am a new RE investor in Cleveland, Oh and just purchased a duplex that is fully occupied. On April 24th, I issued the month-to-month tenant a 30 day notice to vacate by May 31st, 2020 (I need to move into the property within 60 days since I used an FHA loan). The tenant just called and said she is now going to move out on May 15th and wants me to pay her $500 worth of moving expenses that she is "all of a sudden and unexpectedly incurring during a pandemic".

To try and be reasonable and fair during these challenging times, I already agreed to prorate her rent for those two weeks instead of charging her for the full month’s rent, which she is legally obligated to do. She is essentially saving roughly $500 that she doesn’t need to pay me in rent anymore.

Does this sound reasonable? And I being fair or should I offer to pay the $500 for moving expenses? I feel I am already helping her out significantly by prorating her rent but wanted to get some more thoughts from people who are more experienced.

Thank you!

Chandler

I am over the income limit so unfortunately I can't use Home Possible either!

@Chris Mason Thanks for the response, Chris - The 3 places I was pre-approved for were only for an FHA loan. They told me the lowest they can do is 15% down conventional for a duplex which I can't do, so I've been calling around trying to find a place that will go lower but so far no luck.

Hi all!

I am currently looking for a few different mortgage loan options around Cleveland, OH. I have already been pre-approved by 3 different places for FHA. My problem right now, is that I can't do an FHA loan on a property I made an offer on (property is a duplex and falls under the 90 day flipping rule for FHA). My income also exceeds the city income limits, so I am unable to do those loans as well. Anyone in Cleveland know of any banks/lenders who would be able to do a 5% down loan that rivals FHA?

Thanks!

Chandler

Hi all!

I am currently looking for a few different mortgage loan options around Cleveland, OH. I have already been pre-approved by 3 different places for FHA. My problem right now, is that I can't do an FHA loan on a property I made an offer on (property is a duplex and falls under the 90 day flipping rule for FHA). My income also exceeds the city income limits, so I am unable to do those loans as well. Anyone in Cleveland know of any banks/lenders who would be able to do a 5% down loan that rivals FHA?

Thanks!

Chandler