All Forum Posts by: Jordan Sellers

Hello!

I have just closed on a 2 unit property in North Carolina and inherited tenants in one of the units. They are paying way below market value for their unit and it would be ideal if I could either propose a rent increase or ask them to vacate. The former landlords were a retired couple who didn't seem to do things by the books so the lease is quite confusing and I'm hoping for some help..

The pertinent line item of the lease reads as follows: "Month-to-Month Tenancy: This agreement may be terminated by mutual consent of the parties or by either party giving written notice at least 60 days prior to the end of any monthly period. Any provision of this agreement may be reasonably changed by the Owner in like manner, thus THIS RENTAL CONTRACT ESTABLISHES A MONTH TO MONTH TENANCY ONLY! All parties agree that termination of this agreement without prior notice before December 2019 will constitute breach of the tenancy as agree on Page 1, and all security deposits shall be forfeited in favor of the Owner as full Liquidated damages at Owner's option following termination without notice"

So.. what are my options? I would like to propose that I raise the rent effective next pay period or they vacate by May 31. In NC, I believe -only 7 days notice is required for month-to-month leases.. Any help would be very greatly appreciated!

Thank you!

Hello! I'm new to this all and have a few questions I'm hoping someone might be able to help me figure out.

I'm trying to purchase a 3 bed 2 bath house in a college town. It currently has tenants but I would most likely seek new ones as they are the current owner's relatives and not paying much in rent. I have enough for up to a 20% down payment but that would stretch my finances fairly thin. The house needs some work but mostly just new carpets/floors. I'm a first time investor and would like to "house hack," so I can establish residence there and at least cover the mortgage with the other rooms.

The real questions that I don't know how to answer are the due to the fact that I'm a 1099 and have been for years. My work is seasonal and I'm in the off-season so I don't have much other than my word to say I'll have an income this year. I have a blood relative who is willing to co-sign with me or take the loan out in their name. Should I try to secure a FHA first time homeowner's loan so I can put a smaller payment down? Would they even consider me as I have an odd work situation and would need a cosigner? Or would I be better off seeking a loan through my family investor and putting down a larger deposit?

I would be so grateful for any kind of advice or knowledge! Thank you!!