All Forum Posts by: Jose Valdez

@Marco Bario great! Thank you!

Hello! Can anyone point me in the right direction in speaking with a great CPA with great knowledge in Real Estate? I have a couple questions and would like to be well informed before doing anything. Thanks!

@Caroline Gerardo thank you so much for your help!

Hello. I have a question that I hope makes sense. If I'm purchasing a fourplex as an investment property and I'm getting 3 units vacant, I'm under the understanding that the one occupied unit alone will not cover or come close to covering the PITI of the property.

Correct me if I'm wrong please but lenders use 75% of rental income plus my w-2 income income to qualify me for the investment property. But if i still fall short to cover the PITI is there a way to structure something in the contract with the seller showing potential tenants ready to fill those 3 vacant units?

Hope im making sense. I basically want to show lender that there are tenants lined up to rent those 3 units even though Im in escrow but have not closed yet. Thank you!

@Drew Sygit thank you! We were able to get more information and because it seems the eviction process is well advanced we decided to ask seller to extend escrow and get units vacant. You are correct, we definitely do not have the experience so this is the only way we will move forward with the purchase. Thank you!

@Bud Gaffney thank you for the help. We did obtain more information and requested that if it will in fact take about a month for tenants to be out then we need our escrow to be extended until units are vacant

@Nathan Gesner yes, we requested that escrow be extended. Thank you!

@Scott M. thank you! It is in kern county. We did obtain more information and there is a request for a lock out date in place. This is exactly what we requested. Escrow be extended until units are vacant. Thank you!

@Anibal Mijangos thank you for your input! It does seem like the eviction process is in place!

Hi guys, I needed some advice. I'm currently in escrow on a fourplex in CA for an investment property(first investment). I was provided seller disclosures and it looks like tenants in two units are either in the process of eviction or will be(wording is kinda confusing but my agent will ask for more information. Is it still a good idea to pursue a deal like this one with a current eviction? I have been told that this could potentially be negotiated with the seller to get a better deal BUT I do not know anything about evictions or timeframe for them. I will obviously try to get more information and help but I wanted to see what you guys think or if anyone has been through a similar situation. Thank you!