All Forum Posts by: Mike Robbins

About to close on a triplex on Monday. The current tenants have no agreement in place. I’ve heard of an estoppel agreement, but how can they agree to continue terms from the last lease when there is no previous lease? Both are below market rents, one has been there 10 and 8 years. This will also be my very first rental property so any additional tips/personal experiences you might want to tell me I’m all ears! Thank you.

Update:

Turns out the septic on the house is about 25-30 from the well, 70 from the leech field, USDA and FHA requires that it be at least 50 from the well, and 100 from the leech field. Seller is still working on paperwork from the town saying it's up to code and the water hasn't been tested for years so those are 2 possible outs. Talked to my realtor and he says he's not bothered by me shifting gears on him (that's what he says lol). As far as doing renovations besides needing a new tub in the down stair's bathroom, there's not much work it needs. I could possibly redo the kitchen, and finish the basement but I'm not real confident it doing those by myself.

I recently started going through the process of buying a SFH for just myself made an offer and it got accepted, gave the sellers Realtor a 1,000 deposit. Process has been held up for about a week now for some paperwork from the town for the septic tank. But I've always liked the idea of owning a duplex and having a renter pay off my mortgage while I live in the other side. I've already done some research on duplexes in my area and found some suitable ones in my area, and am thinking about backing out and going for a duplex. What would you do if you were in my shoes?

I have been thinking about real estate investing for about 2 years now have read a lot of articles and watched a lot of videos.  Finally found a property which looks good on paper, it's a duplex and I plan to live in the upper unit and rent out the lower unit and take it from there.  Kinda test out the waters first and see if I have a taste for it while making it much easier for me to pay off the mortgage on my first house.  The one issue is that both units are currently occupied, I was wondering the legality of me having to give one of the renters boot in order for me to move in.  Would I just have to wait until his/her lease is up? Any additional insight or info for a newbie like me would be greatly appreciated!