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Updated about 10 years ago on . Most recent reply

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Tony L.
  • North Miami Beach, FL
0
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Closing on 1st Fourplex!! Inheriting 1 Tenant issue- Need Advice

Tony L.
  • North Miami Beach, FL
Posted

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!!

Most Popular Reply

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Joe Fairless
  • Investor
  • Cincinnati, OH
1,432
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Joe Fairless
  • Investor
  • Cincinnati, OH
Replied

@tony 

@Tony L.I assume you have already inspected the unit, right? If so, then you know the condition so you could tell him if he leaves the unit in good condition then you will give him X amount for a moving bonus. I personally wouldn't. Instead, I would just communicate with him regularly and make sure he knows you are paying close attention to the move-out. 

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