First REI Deal Alert

Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes

Hello BP! Today my offer was accepted for a quad. It’s my first REI deal! All units are tenant occupied and the rents cover my estimated mortgage and maintenance fees and that‘s with me living there rent free! I’m super excited. 😆

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Cody Smith

O'Fallon, MO · Member since 2018 · 14 posts · 13 votes

Congratulations! That’s great. I also hope to be in the same situation someday.

Since all the units are tenant occupied, what steps do you take to have one of the tenants move out so you can take their place?

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Fatima Champagne
Philadelphia, PA · Member since 2016 · 86 posts · 21 votes
7y
Congrats!
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Robert Trotter
Member since 2018 · 1 post · 1 vote
7y
@Stacey Cook for some reason I didnt asume you could just take over as landlord. In my head I thought that you would have to renegotiate with each tenant . ....I'm new.😜
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Nicolas A Botello Jr
Developer · San Antonio · Member since 2018 · 17 posts · 4 votes
7y
@Stacey C. congratz!!
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Mohammed El-Bashir
Attorney · Brainerd, MN · Member since 2015 · 18 posts · 13 votes
7y
Congrats @Stacey Cook!
I just shared this with my friend in the Marines, it's a great template to follow
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Chandler Turpin
Concord, NC · Member since 2016 · 7 posts · 5 votes
7y
Originally posted by @Wayne Rainey:
@Chandler Turpin what’s house hacking? Thx
An example would be buying a duplex, living in one unit and renting out the other. This essentially let's you live rent free or for a small price. You could do this with a single family home as well by renting out bedrooms.
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