All Forum Posts by: Kathy Tran

@Sebastian Bennett It is more so, the seller does not want to deal with the rental leases but was agreeable to vacating one unit because we plan to occupy one of the units (also as part of our loan). They are not paying market rent. Once we take over the property, we were thinking of signing a 3 month lease with an increase in rent (still not market rent) and after 3 months will increase to market rent and have them make a decision if they would be willing to stay or not. 

Hello everyone! 

I am a first time investor and am currently under contract for my first property (yay?!). It is a Duplex 3/2 bed/bath and 2/1 bed/bath. I want to occupy one of the units, my preference would be the 2/1 so I can collect more rent from the 3/2 to go towards my mortgage. The seller is willing to vacant one of the units (the 3/2). As for the 2/1 unit There is a long term tenant (10+ years) that has a great relationship with the landlord (they seem to be friends as well) and has been paying rent on time ever since they have been there. They are not interested in moving and would prefer to stay. If getting the tenant out would kill the deal, would you keep the tenant ? Or is that a red flag?. It is a good deal for this property. In need of seasoned renters advice! Would love to hear everyone’s thoughts!

FYI I did my due diligence and got a home inspector that was relatively OK. I also did a sewer scope as well that showed that the roots has gotten into the sewers and needed to be replaced immediate. (It is due to a tree that the city grew and will need to be cut down immediately to remediate the problem). (12k for the replacement of pipes and ~5 kfor tree)

@Stuart Udis THANK YOU!! Makes perfect sense! I really appreciate it

@Russell Brazil I am not, I want to continue to rent as duplex, just trying to understand the process

Hi fellow investors!! 
I was finally able to get a property under contract !!! Now trying to do my due diligence. 
The property has a rental license for the duplex that just expired (April 2024) (I was able to look it up on atlas). I understand that I have to apply for a new rental license. Would I need to apply for a variance/get the zoning for it?  Also is there any information or documents I need to get from the seller that would be useful for getting the rental license

Thanks for your time! 

@Eric Greenberg

What exactly is the homestead exemption? Do I have to apply during a certain time frame in order to get approved ? Do I have to live there in the home for a certain period before applying? 

@Account Closed

Thanks for the reply! I think the issue I’m having is that I’m getting a discrepancy when I’m running the numbers with Redfin info vs lender info (it’s sometimes off ~ $200) so I was just wondering if for every property I analyze should I try to have the lender get the PITI for me for it to be more accurate 

Hi everyone! I am a brand new investor. I am looking to house hack in the Philly area. I have been running my own numbers (using the Redfin PITI) and have found that deals have been scarce. I just got a lender and pre approved, and have found a potential house. Do you think I should be using the lender to run # for me AKA obtain the PITI since it'll be more accurate?

Thanks!