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All Forum Posts by: Kim Hud

Kim Hud has started 10 posts and replied 58 times.

Post: New Investor| 1st time Investor | Eviction during COVID

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44
Originally posted by @Matt R.:

I am not a lawyer and this is not legal advice.

COVID or not, you have to follow the law.  You already found the Virginia state law.  Sometimes there will be city or county landlord-tenant law as well - usually in larger metro areas.  I don't know if the Chesapeake/Norfolk/Virginia Beach area is big enough to have those laws, but check the city and county web sites as well.

Because of COVID-19, there is currently a nationwide ban on evictions for non-payment of rent, from the Centers for Disease Control (CDC).  The tenants have to file a declaration with the landlord that says they can't pay the rent because of COVID-19, and then the landlord can't evict them, at least until December 31, 2020.  A couple of lawyers that have spoken at recent real-estate investor meetings in my area (Kansas City) have said that they expect this ban to be extended into the first months of 2021 as well.  It is still possible to evict tenants for reasons other than not paying rent.

Have you asked the seller if any of the current tenants have given them the CDC declaration?  If they have, it's probably a good idea to talk to a local real-estate lawyer about what to do.

Some states have laws or executive orders in place that restrict evictions, more than what the CDC ban does.  Big cities or counties might also have orders from the mayor or health department that go further than the CDC ban.  Check your state, city, and county web sites to see what they say.

There were some other nationwide eviction bans earlier this year, but my understanding is that most of those have expired now.  One consequence of that, though, is that sometimes a bunch of eviction cases got filed when the ban expired, which caused the courts to get behind.  Also, eviction cases filed early in 2020 were "on hold" because the courts were shut down, and now those cases are moving through the courts.  So, if you do end up having to file an eviction, it may take longer than usual for your case to go to court.

I am not a lawyer and this is not legal advice.

@Matt R. Great (non legal) advice to check out local laws that specifically pertain to COVID

Post: Extended Stays | Long Term Vacation Rentals Does it Work?

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44

Have a space in the fourplex that Im purchasing to setup a vacation rental. Recently learned that the city's zoning prevents short term rentals less than 10 days. So I'm thinking about doing long stays over 10 days likely 30 days. The place is a Waterfront property in Virginia. 10 mins from downtown Norfolk and 28 minutes to Virginia Beach. 

What is your experience with extended stays on AirBnB, VRBO, etc?

Post: New Investor| 1st time Investor | Eviction during COVID

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44

@Tim Herman from what I found online “Month-to-Month Tenancy

To end a month-to-month tenancy in Virginia, the landlord must give the tenant a 30-day notice informing the tenant that the tenancy will end at the end of the 30-day time frame. If the tenant has not moved out of the rental unit by the end of the 30 days, then the landlord can file an eviction lawsuit against the tenant. (Va. Code Ann. § 55.1-1253A (2020).)”

Post: New Investor| 1st time Investor | Eviction during COVID

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44

Hey everyone, 
Just went under contract on my first rental that I will househack, a fourplex/4plex/quad in Chesapeake, VA, using a FHA 203kLoan. The house currently has tenants in each unit. My agent and I tried to get the seller to agree to delivering the property vacant but they wouldn't do it saying:
1) holidays coming 
2) COVID is happening so they want to the tenants to be ok
3) the tenants have been living there for a decade+ so the seller thinks of them as family and doesn't want to ask them to leave 
4) what if the deal doesn't go through and they are left with an empty property. 

We countered with them paying credit toward closing which they agreed. 

So my question is getting the tenants out when we close in December. Two reason I do not want to keep these tenants:
1) Their rent is way below market value ie some are paying $300 for rent
2) This is a rehab loan and I am fully renovating the place

The tenants are on a month-to-month lease and know that the property is being sold. The seller let the tenants know there is a possibility for them to be asked to move if the property is sold. 

My plan is to give the tenants notice at the time I take possession of the property that they must vacate the premise at the of their lease  (they are month-to-month) in on January 31st. 

Does anyone have any advice on how to do this properly?

Post: Hampton/Newport News (Peninsula) Networking Meetup

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44

Thanks! How was the event? Will there be another one?

Post: Interest Rate and Annual Percentage Rate Question

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44

Thanks Eric!

Post: Interest Rate and Annual Percentage Rate Question

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44

Eric I have not researched that one but I will now - thanks for the recommendation!

Post: Interest Rate and Annual Percentage Rate Question

Kim HudPosted
  • New to Real Estate
  • Virginia Beach
  • Posts 58
  • Votes 44

New BiggerPockets member, 1st time home buyer, and 1st post! Recently got approved for a FHA 203k loan - yay 😃

My interest came back 3% but my APR came back 4% what is that about?

Am I ultimately paying 4%? Is this bad or good?