Goal Achieved: Duplex House Hack

32 Replies

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Edward,

Let me begin this reply by saying I know nothing about Kansas LL/T law, but I am familiar w/those laws in Pa and NJ, so the following should not be construed as legal advice.  

In regards to the pre-existing lease w/your tenant, the penalties for late payment you refer to are common.  They are usually added to the amount due and owing if and when the tenant finally pays the rent.  They are an additional remedy to the LL to make up for not getting the rent on time, and not a mechanism to relieve the tenant of the duty to pay the rent on time.   Usually eviction is still something a LL can avail himself of if the rent is not paid when due.  A consultation with a lawyer might clear up the issue for you, and many times will only cost $25 or so for half an hour.  You can call your local bar referral service for a few names, and they'll tell you the cost.

Don't let a tenant who's not paying stay!

Originally posted by @Alexander Ball :

So the property was listed at 205, and then it came off market? And you saw that it was previously listed at 205k from your MLS access and approached the seller when it was off market?

Sounds great.  I'm looking at 4 on-market duplexs tomorrow.  I hope my buyer's agent doesn't shoot me when I tell her what I'd offer on them.  I'm hoping 10-15 offers means I get one deal.

Actually, the duplex was on the market (and on the MLS), and had been on the market for 180+ days, and was listed at $205k when I came in and offered $180k. I eventually got it for $184k.

  Some buyer's agents don't appreciate having to make 10-15 offers if they feel you're "low balling" the sellers.  If you feel you might be losing the confidence of your agent, try to reassure her by showing proof of funds to close, explaining your buying criteria, and even driving by the houses and checking out the outsides before you make her chauffeur you around looking at places you could have easily ruled out.  Remember, she's not being paid by the hour- she's paid when you close.  Respect her time as much as possible, and do a lot of the legwork yourself.  It'll help your education as a new investor, and may mend an otherwise shaky relationship with your buyer's agent.  Good luck!

Hi Edward,

I appreciate the level of detail you put into your experience with buying this duplex.  You make a good point to be cautious when having to accept the previous lease agreement for the occupying tenant.

Do you have suggestions on where to look to find interested seller's for duplexes? The MLS has not been very helpful in my endeavors to house hack a duplex in Johnson County, KS.

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