All Forum Posts by: Nadir M.

@John Warren

Thank you. Can I just use conventional instead of FHA to obtain the property?

Currently residing in Denver CO and saw a duplex that I really like. In CO, to buy said duplex using an FHA loan, how long do I have to live in this property before refinancing? Want to do this legally.

Thank you,

@Brian Ploszay

Great point. I do live in a different state so won’t be able to meet them.

@Ned J.

I think you raise great points. I learned soon after this post that these tenants were locked into a lease until April 2020. My agent was incorrect in saying m2m

@Nadir M. Correction to initial post. Tenant is actually locked into a lease until April 2020. Not sure where my agent got mtm. Not sure if this makes the situation more/less complicated.

@Jonathan Watt

Sorry for incorrect post but tenant is actually locked into a lease until April 2020. Not sure where my agent got mtm.

@Nathan G.

This morning my real estate agent texted me and told me that they were in a locked lease until April 2020, not sure where he got mtm to start with. I guess this makes it easier for me. I can either buy the house at a lower price or just not go for the deal at all.

@Mike McCarthy

I def like the idea of staying mtm. Will find out more tmrw. Thanks for the advice

@Nate Gombus

The 760 is the house payment including taxes and insurance...PM charges 8%. Doesn’t include any repairs, vacancies, etc. at 975 it would not be cash flowing at all.

Hello everyone,

Currently looking at a house that is tenant occupied, tenant is month-to-month. Seller states the tenant has been great. What should I look for? If I purchase property, do I keep tenant or vacate and restart? We are approaching the Fall season so finding tenants in the Midwest becomes more of a hassle. My PM is saying I should keep tenant and bump rent in November/December. I was thinking of bumping rent now and give them the option of signing on for another year or vacating. Currently they are paying $975, my monthly payment will be around $760, my PM is saying I can get $1150 (PM has been spot on in terms of rent rate the last two buys). Side note, house does need some external work as well that will need to be done sooner than later.

Any suggestion much appreciated

Thx