All Forum Posts by: Mark Douglas

Yea maybe I'm moving a little too quickly here..back to the drawing board !

@Tom Shepard  

Thanks for the advice, think I'll let this one go.  Patience is a virtue..lol  

That's a good idea man.  Just checked, it's listed as yearly.  Unless the lease just happens to line up with my moveout date, might have to pass on this one.  

@Dan Sifuentes

@Dan Sifuentes

  Yea, I'll have to clarify the terms...maybe I'll get lucky and find out the lease is up in a couple months haha 

Thanks man!

Hey guys,

I've been scoping out some duplex properties and I've finally found one I'd like to purchase. My realtor tells me it's occupied on both sides (my understanding is that they both have a year lease).  He suggests I buy the property, pick a side I like, review the leases, and give one tenant a 30 day notice to vacate.  

1) Is this legal???  I have no idea when their leases end, but it seems they'd have to honor the current lease, or at least have the right to stay till the end of the lease.  (Unless the lease becomes void if the owner sells the property)?

2) If it is legal, is there some moral line I'm crossing??  I realize it's a business and an investment, but has anybody had the awkward/unpleasant experience of kicking someone out before moving in??

New to all of this.. I know people do it everyday but it seems like kind of a low blow.

Thanks BP !

Wow thanks so much everyone!  I think I'll go for it.  I don't want to look back in regret!  *takesdeepbreath*  

@Wayne V.

Hey thanks!  I feel like I could go for it and get by for a couple months if need be..  may not be the safest move I'll ever make haha

No pun intended.  

I'm currently throwing away money renting an apartment.  Looking for a duplex to purchase, however I've got a meager (at best) emergency fund.  If I stay for another 6 month lease I'm out $4,500, but if I stay in the hopes to "save up some more", I'll only save about $2,300.  

I don't want to buy a duplex and shell out for repairs on day one, without a decent emergency/maintenance fund in place. 

(Lease is up in 2 months.....need to give 60 day notice, if applicable, in the next week or so..)

Not sure what the smart move is, if there is one. 

Anyone have some advice?  

Thanks in advance!

Mark

@Jared Larry OK I'll have to look into the 203k....I'm still pretty early on in the process and I'm not really pressed for time, so I'm going to do some more shopping around till I find the right place.  Thanks again!

@Jared Larry

Oh wow, thanks for the heads up!  I just asked my lender to confirm and he said they do under certain conditions.  I'm definitely going for this!  

What's your opinion on the age of the duplex?  I know every building is different and I'll have to get an inspection, but is there such a thing as too old?  I don't have thousands to sink into repairs/upgrades after the purchase.  (Should I stay away from anything pre 80s, etc?)