All Forum Posts by: Curtis Linville

@Jonathan W. It would seem the verbiage on that segment in the BP Pro lease section could use some revision. I've been looking online to try and find anything decisive but I'm still looking. I have seen that the verbiage has been interpreted to mean a single person can not stay more nights than that during the entire duration of the lease, now that seems extreme!

Charging per day over that is a good idea and will be included in future leases, but still doesnt address the liability issue of tenant vs guest. I did see on the interwebs that staying the night is what constitutes a guest vs a visitor. I went with the BP lease so that I could not subconsciously construct the rules to favor any tenant in particular, or myself, and just make sure everyone operates within the rules, but in the future I will more clearly define this segment. There are 3 tenants and myself here at the moment in case that matters at all, probably not.

We are in MO.

TLDR: At what point does someone become a tenant? Staying 10 days in a month or must they be consecutive? Does coming over for a little while and then going back home count as one of the days or do they have to stay the night to count? Any other common issues along these lines that I can go ahead and be ready for would be appreciated.

I am an OO and one of my roommates SO is constantly over. I have not raised an issue about it because they are pretty serious and have been together for several months now, and this is the first month we have lived up here so I had other things going on. Me and my roommates have lived together for the last 5 years, when I went to make an hour long move to a new city they came along. It just so happened that the city I chose to move to is the same one that my roommates SO lived in.

The issue arose just now because her current residence the people in charge are keeping it at a skyrocketing 85. So my roommate asked if they can stay here up in their room all day while he is out at work.

I said 'Sure, but my only concern is if this becomes of a common occurrence, which I believe it will.' He then rebutted about how they arent over often, just 5 nights/evenings a week. If I was aware it was that much I would have already brought up the issue! Most of the time they arrive after I've gone to bed, so I knew it was frequent just not that frequent.

The Lease states:

'The individuals named as "Tenant" in Section 1 of this Lease and any of their children named in such Section 1 are the only individuals who may occupy the Premises, and the Premises may be used only as a private residence for those individuals. Tenant may permit guests to stay with Tenant in the Premises for up to ten (10) days. Any guest staying with the Tenant for longer than ten (10) days shall be considered an occupant of the Premises.' ... then the section goes on about behavior and how to make changes and what not.

My main concern is I have a couch surfing brother and must remain firm and consistent to not have that bag open up, thus far that has been entirely evaded.

Well to post a follow up, it doesnt seem like its going to work out. I chatted with a couple of attorneys and they all give the green light but the banks are worried about going forward because I'm trying to use FHA and its a little too grey for their preferences.

Thanks everyone!

Well to post a follow up, it doesnt seem like its going to work out. I chatted with a couple of attorneys and they all give the green light but the banks are worried about going forward because I'm trying to use FHA and its a little too grey for their preferences.

Thanks everyone!

@Diana Muresan Thanks, I see that you're a lender so I've got another question for you. If I purchase one as a conventional first time home buyers and get the second as an investment property. Would I then be able to resurvey the property to join them together as a duplex and refinance that with FHA?

@Wayne Brooks Thats fair, I hadnt thought of it like that because it looks like I just want to buy one structure. But it is two separate properties owned by two separate people so it doesnt matter how close they are to one another.

Thanks!

I'm currently going down the path of a double close.

@Zack Wills Currently its looking like it'll have to be two separate transactions. I'm trying to find details on how wholesalers do it. In one of the BP podcast I listened to, awhile ago so idk which one it was, they had a wholesaler on who would sign to buy it from the original owner at the same time they would sign with another party who buys it from them. Some how the first contract was null and void if the buyer didnt sign the second one. If anyone knows anything about that it'd be appreciated. 

So I'm thinking one half sells to the other half. Then I buy both from them.

Thanks, I'll see what I can find in that direction.

I'm not sure where this applies more, loan advice or buying and selling discussion so here is a double post to some degree. If thats not okay then I apologize.

https://www.biggerpockets.com/forums/311-buying-selling-real-estate/topics/694315-purchasing-single-duplex-owned-by-two-sellers-help?page=1#p4099786


Text from the link:

I am in the process of buying a half duplex and the owner of the other half has reached out to me about selling. Is there any way that I can roll these two purchases into one so I only have one appraisal/inspection/closing cost? My lender and realtor agent have not seen a situation where a duplex that has two separate owners both sell at the same time to a single buyer and are digging to find information as well. Just curious if any of you could give us some pointers in the right direction. THANKS!