All Forum Posts by: Giovanni Ceron

Hello, I'm purchasing a property, my first property, which I intend to use as my primary residence. However, the property has a tenant with a one year lease expiring next July. So, the bank wants to finance this as an investment property, requiring me to put a much higher down payment and a higher interest rate. Is there any way to remedy this situation? My realtor advised that we should present an addendum to the lender stating that the tenant will move in 60 days.... This may or may not occur, necessarily. What are the legal implications? As I truly wish to acquire this property as my primary residence.

@Wayne Brooks I see what you're saying... maybe they can cover something else in lieu of the insurance and taxes. Note, however, that I am NOT asking them to pay my mortgage, but only the taxes and insurance portion... which would make the month over month cashflow form the lease break-even.

Hi,

Currently in the due diligence process of my first acquisition. As is, I will be inheriting a 1 yr lease that would result in negative cash-flow for the period. If, however, I'm able to have the seller pay for my 1st year's mortgage taxes and insurance, I should be in the clear. Is this a reasonable concession to ask for? Thereafter I plan on increasing rent, but I'm adamant about making this deal work with the current tenant for the first year.

@Wesley W. Very helpful. I will get in contact my my attorney first thing Monday morning to issue this request. Thank you!

Hi, Purchasing my first property! I'm currently in the due diligence phase now that my offer has been accepted. This property has a tenant, and I am not sure how to proceed with getting pertinent documentations regarding the lease agreement in place, and possibly background checks. Should my realtor take care of this? The title company?