All Forum Posts by: Jason Reider

@Jonathan Bombaci Thank you for the info!

@Jonathan Taylor Smith @Samuel Eddinger thanks for the info and advice!

@Michael Doherty thanks for the advice! It's a 4 BR 2 bath unit in Manchester. Currently paying $1,600/month. From what I gathered, FMR is around $2,400-$2,600.

Hi all – I'm working on purchasing my first duplex! So far I've been house hacking a single family with coworkers, but I'm ready to move out and get a second property. I found a duplex that's in pretty good shape (just needs cosmetic updates) and is listed at a good price to cashflow. The only thing causing me hesitation is one unit has a section 8 tenant who's paying several hundred under market rent. Their lease doesn't expire until November. The unit is in pretty good shape other than being a little cluttered. I was able to meet the owner at the showing and he said this tenant has been great and has been living in the house for 16 years. He hasn't raised the rent because he'd rather keep a good tenant and didn't want to deal with finding a new tenant. 

I'm looking for any general advice going into this situation as it will be my first time dealing with section 8. I know I have to honor the current lease until November, but how hard is it to raise the rent on a section 8 tenant if it's currently under market rent? Or if I choose to find a new tenant, is it more difficult to not renew a section 8 lease vs. any other tenant? TIA!

@Ken M. Thank you! This is the explanation I was looking for. I think the biggest issue is the fact that the agent didn't disclose this from the beginning and it seems like he was trying to keep it a secret. I've been doing more reading and research to learn about how these deals work to see if there's a way to save the deal.

I'm sorry, I thought this was a place to ask for advice from other experienced investors. My attorney and agent haven't experience this type of situation before, so I'm looking for others who have experienced a similar situation. My bad!

I've been in the process of purchasing a duplex and all along the seller's agent has been pretty much unresponsive to mine. Last week we sent an addendum to extend the mortgage contingency because it's been difficult to schedule the appraisal due to the very slow agent and scheduling around the current tenants. The seller had until yesterday to sign the document. At 8pm last night, the seller's agent said his client would sign the paper today. We sent a letter of termination because it had to be signed bye 11:59 yesterday. I got a call from my attorney today saying he talked to the seller's attorney and they found out he's wholesaling the property. I'm not sure how this works when the seller of the property is listed on the contract. Is this legal? Does the agent not have to disclose this upfront? It feels really unethical.

I'm under contract on my second house hack property and first duplex. From the start, something seemed off with the seller and/or the seller's agent. They took 3 days to sign the contract after verbally accepting my offer. In general, the seller's agent has been mostly unresponsive to my agent's calls/texts/emails. Due to this and the fact there are currently tenants in both units, it took longer than we wanted to get the inspection scheduled last week. After the inspection, we sent a request with a mortgage contingency date extension (because it was also difficult to schedule this with the agent), a credit for termite treatment and an extension for the closing date which would allow one of the current tenants to move out at the end of this month (when their lease is up) before closing. The seller had until EOD today to respond. Last week, the seller's agent said the seller had no problem with the requests and would send back the signed document ASAP. Then on Friday night, the seller was in an accident which delayed his signing of the document but we were told he would still be sending it. I'm not sure I even believe that at this point. Fast forward to the end of today and we still haven't received a signed document, so my agent had to send over a letter of termination to protect my deposit. 

I've now spent over $1,500 between the inspection and appraisal. Is there anything I can do to recoup any of that money or am I SOL? I feel like I've been played and I'm not even sure why. Has anyone experienced anything like this before? 

I recently had an offer accepted for my first multi-family property! There are currently tenants in both units, but both leases expire over the next couple months. Looking for recommendations for a good real estate attorney in the Hartford area. Thanks!

I have a single family house that I've been house-hacking by renting out 3 of the bedrooms. I'm looking to purchase my second property (hopefully a duplex) and believe using a home equity loan is the best way to tap into my equity to use as a down payment since my mortgage rate is 2.5%. I applied for a loan with my local credit union, but they called me to ask about the purpose of the funds. I explained I wanted to use it as a down payment for another property and they said they didn't think they could do that since another mortgage might put me under the DTI ratio. I explained I would use rental income to offset my first mortgage. They said they needed to talk to their supervisor and then called back and left a voicemail but I haven't called them back yet. Did I screw up by telling them I wanted to buy another property? I don't understand how it matters to them since I don't yet have another mortgage. Shouldn't they be evaluating my current risk? What should I tell them my plan for the funds are? Thanks in advance!