Duplex

2 Replies

I need advice on something. Me and my realtor are in the process of finding me a duplex or triplex as an owner occupier. (first time home buyer) We looked at some houses and one caught my eye. The location was great, the house looks great. I asked the owner why he was selling, and he said he's getting old and he has over 30 properties. "long story short" the tenant down stairs on the first floor is paying $450 in rent when the unit should rent for $600. The owner said she's retired and gets a check every month. He said you can't get a better tenant. The tenant lived there for 24 years. What should I do?  Thanks for reading this

Grats on digging into a good situation by looking for a 2/3 unit property to be an owner occupant. I agree with the current owner that you can't find a better tenant! You can try to move into the place and let the current tenant know that you won't raise the rent immediately. But you can let her know you'll increase by 10% (to $495) within 12 months and keep it at that. Not sure exactly what her income is and whether or not she can afford the 10% increase. Just an idea!

This is all assuming the rest of the numbers makes sense. I currently have a tenant in a duplex that pays $525 a month and market rent is $650 easily. He pays every month and has been there for years. I eventually will increase the rent a bit, but I prefer to have that unit occupied while I work on some other ones.

Originally posted by @Mehran K. :

Grats on digging into a good situation by looking for a 2/3 unit property to be an owner occupant. I agree with the current owner that you can't find a better tenant! You can try to move into the place and let the current tenant know that you won't raise the rent immediately. But you can let her know you'll increase by 10% (to $495) within 12 months and keep it at that. Not sure exactly what her income is and whether or not she can afford the 10% increase. Just an idea!

This is all assuming the rest of the numbers makes sense. I currently have a tenant in a duplex that pays $525 a month and market rent is $650 easily. He pays every month and has been there for years. I eventually will increase the rent a bit, but I prefer to have that unit occupied while I work on some other ones.

 Thanks, that's a good idea.

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