Updated almost 5 years ago on . Most recent reply
Advertising a unit before closing
Hello BP, I recently got approved to purchase a quadplex for 275k but Iwas only approved when they included the rental income from the other units. The property was renovated and then put directly back on the market, it is almost brand new and doesnt have any tenants in it currently. My loan officer said for me to be able to close I would have to have a tenant lease agreement in place for the other 3 units. Is this possible or even legal? Can I advertise a unit for rent as soon as I place the house under contract or do I need to wait until close. Would I need permission from the current owner and possibly a larger earnest money deposit? Plan on placing the units under section 8. FMR for each unit would be 842$