All Forum Posts by: Tony L.

Hello!   A Duplex (3 bedrooms on each side)  The Master bedrooms on each side have their own private entrance in addition to the main door entrance.   Is it legal to have a tenant stay in that Master bedroom renting separately and come and go through that additional exterior door as long as the bedroom door isnt locked on the other side going into the rest of the place?

I would think you would use a title company for that?  I think it has to be a third party to handle the escrow account.

Thanks for all the input!  I am meeting with the seller tomorrow to discuss having that unit vacant before closing which has been extended until next week.  The seller originally recommended to have that unit vacated since tenant always pays late.  Hopefully the unit is vacated since it would be an obvious issue collecting rent with this particular tenant anyway if I decided to keep him and take another unit. 

Will post an update, hopefully all goes well.  Appreciate the advice!

Finally closing on a Fourplex in 3 Days!!  This site has been an incredible learning experience and helped me pull the trigger!!   Two 2/1 bedrooms and 2 Efficiencies.  Paid 215k and put 20% down with an owner occupied loan.  Right now the total Rents are $2700 ($900 month for one 2/1, and $800 for the other 2/1,  $500 for each efficiency)

The 1 efficiency tenant has been notified to vacate so I can take that unit for the 1 year owner occupant requirement from the lender .  The previous property manager had him on a month to month lease with NO security deposit and he hasn't paid for September and hasn't left yet and kept asking to stay and would have his brother-in-law co-sign etc. since he always pays late according to the property manager. 

What options do I have before closing to ensure this person doesn't completely destroy the unit and actually leaves etc?

Any input/help would be greatly appreciated!!

Awesome job Lisa!  I didn't even know a bank would take a lien to cover the 20%!  I was thinking I would have to do a cash out refi on a Rental property of mine to purchase another.  I will definitely look into that option now!  Thanks!