All Forum Posts by: Eric Anderson

Thank you for your insight Olivia, I really appreciate it.  I like the idea of giving him 6 months to come up with a solution.  You are correct that I should have told the tenant a price that does work for me and I will do that in future situations.  Already learning about being a landlord!  Thank you again for helping and merry Christmas! 

Good morning, I am buying my first property, a 4/2 duplex on both sides.  I'm going to house hack the property.  The current owners live in one side and the other side has a tenant that has been in the property for 33 years!  He is 81 years old and does not want to move, and his side has not been updated since he has moved in.  I am buying the property at a discount because his side has not been updated, however, the other side was updated a few years ago.  My initial plan was to have him move out, remodel and move into that side while renting out the updated side for market value covering almost 60% of my mortgage.  In the lease I wrote up for the tenant I put a rent amount I thought he could not afford but he said he has changed some things around to be able to make it work.  The trouble I'm having is if he does stay that means I will have to pay the 60% and he will be paying 40%.  He also does not want me to update his side because he realizes the rent will go up.  My plan going into buying this duplex was to get forced equity from updating his side and performing updates to the exterior of the building and landscaping, then when the time is right using equity to buy another home.  I know business is business but I also have a heart and have a hard time telling an 81 year old good luck and he needs to move out.  I do have the lease written up as a month to month in case he finds out he cannot afford the new rent amount.  The lease has not been signed by either party yet and I close on the 28th of this month.   What are your thoughts on the situation?  Thank you so much for your input!

Hello all!  My brother purchased some landlocked land in Washington state a few years back and has asked if I would like to purchase a 50% stake in the property.  Purchase price is $6800 (.46 acre) with no water, sewer or electricity.  I did purchase the property.  The land was previously sub divided from a parcel that has been sold since.   He has contacted another parcel owner in an attempt to get an easement that makes the most sense to access the property but in now way is related to this situation.  That person said no way, no how.  He then attempted to contact the current owner of the property that was the "parent parcel" with no response.  My understanding is in Washington you cannot landlock property but it happened here.  There is one other option to gain access to the property via easement but it would be a complicated matter as the parcel we would be accessing is technically diagonal to the property he currently owns as they both meet at a 90 degree angle.  The situation is tough as it seems the parent parcel does not seem to be accountable for the sub-division of the parcel without easement.  Does anyone have any ideas on what may be the best angle of attack?   Thank you!