All Forum Posts by: Jackie Arrondo

Thank you all so much for the feedback, these were all extremely helpful responses and helped solidify that I could have this resolved. Tenant is closing on a house and will be moving. Extended closing and on terms that their P&S agreement had to be sent to me before signing extension. Closing this week.

Appreciate you all and this group so much! 

@Alberto Nikodimov @Cody McVay @Jeffrey Donis @Colleen F. @Steve Bracero @Anthony Thompson @Matthew Crivelli

J

I am in a similar spot as you. I am 25, getting into REI, and I am actually about 2 weeks away from closing on my first investment property. Definitely exciting and stressful all at the same time. One of the biggest things for me was having an approval letter in hand for when I was putting in offers on properties - this definitely saved me time since deadlines for offers were quick turn arounds in this market. Outside of that, building the confidence to put in the offer and trust what you have learned. I put in multiple offers before getting my current one accepted, but putting in that first offer made the REI and path to financial freedom feel more real. Hitting bumps along the road during the contracting/closing process, but you're taking the right steps of educating yourself and reaching out! Keep it up. Hope this helps a bit even though I am not a seasoned investor - yet. Feel free to reach out if you need anything.

Hey Everyone!  Looking for some guidance as I am closing on my first investment property in RI that I'll be housing hacking. All units currently occupied, on month to month that haven't had paperwork since about 2017, and 1st/2nd units under market rent. Closing date was July 20th with the second floor unit (least qualified tenant/way under market) being vacant at closing.  Initially pushed closing out to this late b/c knew tenant would have to relocated.  However, there have been new developments and I am looking for some input:

• - My realtor contacted me yesterday saying that the 1st floor tenant would be moving (mother to second floor tenant).  No problem, I would go in and complete the renos needed on 1st floor and live in 2nd unit.

• - THEN found out the 2nd floor tenants apparent housing that was lined up fell through AND 1st floor not moving until July 31st. Thus seller's agent asking if I would push closing, move into 1st floor unit, and allow current 2nd floor tenant to stay.  This tenant has a dog & cat - I am not allowing pets nor does my home insurance. 

Trying to figure out best way to handle this situation and would appreciate any feedback/input! 

Thank you in advance.  I truly appreciate it!