All Forum Posts by: Justin Swann

Thanks Frank! How long ago was this? I wonder if things have changed, because I've never heard of 18 months before - just 12 months? Also - you're typically supposed to be occupying the property within 2 months of purchase. We bought this as a foreclosure and it took us nearly 5 months to move in, but we didn't receive any trouble for this. Additionally, we purchased it 10 months after occupying another property - again the lender didn't mind that we weren't staying the full 12 months as the 2 month period I just mentioned was able to cover this. 

In short, my question is, if i refinance my owner occupant multi, do I need to occupy the unit for another year? We bought as owner occupant and have fullfilled our 1 year obligation and are looking to buy another property, but wish to refinance this first. So if we refinance as owner occupant (since we currently live here), once it closes can I move out the next day or do I need to occupy for another year? 

Hey Kevin, I have nothing but great things to say about my situation. The original lease was for 2 months, but we are now entering month 4 which is awesome as we're getting $800 over market rent given the short term lease. The rent check comes from ALE and shows up a few days early and deposits without any issues. MAKE SURE YOU DO A NORMAL BACKGROUND CHECK. Some tenants may not be respectful as it's not their money, but our tenant is great. He keeps getting extended as there is a battle with his insurance company for funds to pay his contractor. The place is professionally furnished so it shows really well (assuming it's clean) for prospective tenants.

Reviving an old thread here, I just accepted an ALE contract. Mine was for 2 months (optional month to month w/ 30day notice to vacate) at a premium of $800 above market value. They also offered a $500 non-refundable pet deposit. The tenant had fire damage and was in a 6month lease but needed to extend and his current landlord took a 12month lease instead, so i decided to house him for 2 months till his house was repaired (fire damage). So far, ALE has been a treat to work with. They overnighted the funds and have been super responsive. They hired professional movers who move rental furniture for the tenant as his is ruined. The movers were so unprofessional and scratched 2 different walls and 2 different ceilings. I'm waiting to hear back on this, but this was just noticed. The lease is in the tenant's name, but the money is real and comes from ALE. ALE encouraged me to do my own background check and didn't apply any pressure to accept the contract. I did my own background check and even met the tenant when showing the apt. Nothing to complain about yet, but it's only week 2. I'll update everyone if my feelings for ALE change.

I gave this more thought and I believe no charges were actually filed. The report I found was from divorce court, not a police report. This would explain why it didn't show up on the background check. What I've learned is, don't fully rely on the automated background checks! In addition to the program, do your Google & Facebook homework!

@Todd Powell, This is only my 5th time using the program. Interestingly, the program picked up a speeding ticket for the same person from 6 years ago in a different state, but again, nothing for his domestic.

Previously, I was screening a 24yr old tenant. SmartMove picked up an eviction from 6 years prior. Turns out, it was her mother who was evicted and somehow her name got added to that even though she was still in college and not even on the lease as she wasn't even living there full time.

I'm screening a tenant and his TransUnion criminal history is clean. When I Google his name, I found a history of domestic violence where he struck his wife. This occurred in 2006 and I am 100% certain it is the same person. I'm surprised TransUnion didn't pick up on this - do they neglect violations after a certain time?

Great feedback, thanks! My plan was to have them pay for the background check, if selected, that fee would come off their security deposit.

Property was vacated in October 2017 and we purchased it in March of 2018, so about 5months. Although, we currently do not live there as it still has no heat/hot water due to this permit issue!

I bought a forclosure which was listed as a 2 family. The house is in a nice residential neighborhood, but in a town which has a large rental market on the opposite side of town.It has all the aspects of a 2 family: 2 electric meters, 2 separate entrances, 2 house numbers/mailboxes.There is a kitchen, multiple bedrooms and bathrooms in each unit. The units are separated by a wall, although there is a door which can be opened (imagine a hotel room) which we will keep locked.  This passageway is what concerned the inspector. I'll seal the opening if need be. I'm not concerned with the apartments not being separate (as they fit the description of a multi-family), I'm more concerned of the zoning laws in that part of town.

We are converting from oil to natural gas and had an inspector come in to sign off on the install of the gas heaters in order to get 2 meters from the gas company to have heat/hot water. The inspector won't sign off on permit and is saying it is an in-law suite and not a rentable 2 family. Zoning is coming out to look at the house. I'm waiting to hear his disposition and very concerned right now. I'll reach out to my attorney if they say it can't be rented.

I'm getting ahead of myself here, but has anyone else bought a (forclosure) house listed as a deeded multi but can not rent it due to zoning?