All Forum Posts by: Chris Mills

Welcome!

Hi Jeffrey, The seller should have made the TOPA offer by now. Make sure that happened, the time line is important and it can kill the deal if you're requiring vacant delivery. I would definitely budget for at least 6 months up to a year to remove the tenant if it falls to you. You're correct that the entire system is slanted towards the tenants favor. With DCHA termination does have to be after the initial lease term. DCHA won't pay for relocation. It's in the seller's best interest to help with that as much as possible if it's a term of the contract. I've gone so far as to find the new place and pay for movers to make a deal happen. Whether you move in or rent is up to you. Examine the rent you would get from your old place versus the new one after renovations. Best of luck!

I would go with your gut making vacancy a condition of closing. If that tenant wants to stay after you've purchased it, you'll have a long tedious road to getting them out. It has to do more with DC laws than the tenant being section 8. I've had dealings along those lines and it really comes down to an agreement between DCHA and the tenant for payment assistance, for the most part. They can't override something in the lease, but they can ask that certain provisions be made in the lease when it's signed. So make sure you see a copy of that lease. Lastly, don't forget TOPA. I don't think you mentioned that. That can be a game changer as well.

Thanks Mary B. I love H St. Darius Thornton , my best investments are there. Always looking for more!

I immediately remove a small portion of my monthly net cash flow for reserves, and put it in a separate reserve account, then I take whatever the income taxes will be and put that in a money market account. What's left is what really hits my pocket. I sleep better at night that way.

Hi all,

I began investing years ago, have a few rental properties, but have since gotten deterred by "life". I'm looking to get more proactive about my investing and as a part of that I decided to join BiggerPockets. Looking forward to sharing what knowledge I can and learning all I can absorb from the pros!