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Updated over 1 year ago on . Most recent reply

Account Closed
3
Votes |
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Experiences with buying a duplex through FHA to owner occupy with existing tenets?

Account Closed
Posted

Hi all,

I wanted to make a post to ask about doing an FHA owner-occupancy strategy on a duplex that already has tenets - How does this work? In terms of lease agreements you can tell the tenet to leave and at what point? Cash for them to leave?

Any experience with this is appreciated!

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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied
Quote from @Account Closed:

Hi all,

I wanted to make a post to ask about doing an FHA owner-occupancy strategy on a duplex that already has tenets - How does this work? In terms of lease agreements you can tell the tenet to leave and at what point? Cash for them to leave?

Any experience with this is appreciated!


 The lender will not let you buy the property if there is no ability to occupy it within 60 days.  So if it is leased through spring 2025 you need to provide an executed lease termination agreement.  Or one of the leases must me MTM

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