All Forum Posts by: Michaelina Stathakos

Yes, you are all right, just push forward and make it work! 

Thank you all for the advice!

I love this site!

Thank you for your quick responses, reading them I see now that sadly the ball has definitely dropped on my part as well as the realtor's. This is our first rental purchase that had tenants, so a lot of it was diving into the unknown. We had seen the rental agreements and they were all month to month but they are students and students usually don't move mid semester so we were sure to have them until the end of the year at least. I wanted to start advertising the other units but didn't because it wasn't ours yet. We have the funds to cover us for quite a while but now have to put off the renovation of our other property. We really can't owner occupy

We are about 4 days away from closing and some major issues have started to arise, any advice would be great!

We bought a quad with the knowledge that 2 tenants were staying giving us just enough money to cover the mortgage, which was great because most of our cash was going to build out another property of ours. 

Here we are 4 days from closing come to findout all the tenants are leaving! Bye bye money for the mortgage! I wouldn't worry much in another town but this town is a college town and now that the semester has started it can be 10 months until the renters start looking again!

And to rub salt in the wound the seller already gave back all their deposits. Now if they tear up the place or ruin anything while moving, we have no money to cover damages...

All this crazyness is making me want to move in and save $10k off on the down payment!

Any one experiance this before? Anything we can do about the deposits?