All Forum Posts by: Joshua King

@Chris Pasternak thanks that’s kinda the spot I’m in. I called town zoning and was told to call back Monday, but basically what you just said about going from commercial to residential is the info I got. So I came to bigger pockets to pick y’all’s brains.

@Dave Jensenright I definitely feel like your tenants. I wouldn’t want that. However that’s how the tenants in this property are already living. The duplex is huge, over 3000 sq ft, 4 bedrooms on either side. And the tenants are college students. This is a regular living situation for them.

@Joshua Janus I thought about trying the cash for keys approach as and option. Just still learning about the developing situation. Also it is a little bit of a struggle but this property produces twice the income of a normal duplex in my area. Hopefully the risk is worth the reward.

@Kim Meredith Hampton right! Just to be clear I don’t “want” to terminate leases or kick anybody out. I’m just trying to make the deal work and learn what my options are.

@Dave Jensen thanks for all that that's a big help! Let me explain a little more about why I said breaking leases. I know FHA requires me to live in the property for 1 year. That being said if the duplex is fully rented I wouldn't be able to live in 1 side. I'd absolutely like to avoid terminating leases if I can. So there in lies my question. The seller says both sides are fully rented however the disclosure says there are 4 occupants. If I can move all students/ tenants to one side and live in the other perfect. But can I?

I put an offer on a duplex that I intend to house hack. The financing is FHA. The property is zoned as commercial and used for student housing. The counter offer came back in my price range. The question now is can a commercial property be owner occupied? And if so can it still be used as student housing? And last question. At least some of the students have renewed leases for next semester. Does FHA not let me buy or can leases be broken by a sale?

@Jeremy Komer have you dealt with this before? Do you know if/ when in certain situations the lead paint can be sealed instead of removed? Or where I might find a scope of work persay for the project?

@Wayne Brooks the house was built in 1900. I’m 90% sure it does have lead paint. The house is currently unoccupied. We’ve made it clear that I am willing to do some of the repairs to close the deal. For example removing paint and repainting seems like a small problem compared to something structural, electrical, plumbing, or HVAC. Not saying it can’t get expensive but to give up on a deal over it before you even know seems premature.

@Matthew Irish-Jones thanks for all the info this is gold. I’m gonna do some research on the lead remediation. Thanks

@Matthew Irish-Jones I’m not sure why it sat on the market for so long I’m guessing this is part of that. I walked the property and damaged look minimal guts are clean and nice basements good. Maybe I’m underrating the paint problem. The only other thing I saw that was worrisome was condensation on the roof in the attic.