Updated almost 5 years ago on . Most recent reply
In contract - tenant on disability
A few weeks away from closing on a multi family house and I have a few questions:
My agent told me they are doing a virtual appraisal.. Is this good or bad?
Just found out the tenant is on disability. Her mother also just moved in and is also on disability. The tenant mentioned to my agent that she is trying to get Section 8 approval. Is this something to be concerned about? I have the option to request that she leave before I close on the house and I want to make sure I’m making the right decision. To note, the tenant pays around $100/month under market value for a 1 bedroom in the area, and the listing also said $100 more than what she says she’s paying (listing says $800/month and she says she’s paying $700/month - owner died and sisters are taking over so there is some confusion here).
Thanks for your help in advance :)
Most Popular Reply
@Victoria Kowalski i agree with @Judy Parker. Get the house empty and get your own tenants. It can be tempting to get a property that already seems to have some of the leg work done but I have never seen the easy way as the better way.
Also section 8 may require you to bring the home up to section 8 standards. I don’t know if you would have to do much or anything but you might depending on the property amenities and condition.
Good luck