All Forum Posts by: Noyessie Hubert

 Thanks, 

That's so accurate. reading at all this advice. I have started to understand the business I'm playing in better. Thanks again.

 Putting it like that makes the decision easier. Thanks

 Hi @Alecia  

really good advice. I think I will apply that in the future. 

Thanks.

Thanks All for these inputs.

@Elias since I'm living in the property. Not sure It will be wise to hire a property manager. Is my first property and I had it with an FHA. staying there for 1 year.

Hi,

I just purchased a 4-family house. One tenant told me she wanted to stay even if I increased the rent. On which I said: "We can discuss it after we close". Now after closing I have 2 issues:

1. Is a rent control area. There is no way I can increase the rent by more than 4%

2. Even if I was able to, she is only comfortable paying $300 over the actual rent.

Just to let you know, here the actual rent is $1000 and the current market rent according to the inspection is $2000. My mortgage is $6000. So even if I feel charitable, each unit should bring it at least $1500 which she can not even meet.

Now, why do I feel guilty: The woman is an elderly woman ( more than 50. I did not ask her age ) with a disabled son ( he can not talk, and needs medical attention ). She always pays her rent and has live in the property for more than 20 years.

Don't know why the other landlord never raised her rent, but one guess is she has been using her situation to her advantage.

I'm in a tough situation. She is willing to leave, but I feel really bad asking her that. I plan to give her 6 months to find a place.

PS: This is my first rental.

Hi @Adam Bartomeo and everyone. 

Thanks for your advices.

I discuss with my lawyer and we will go for the escrow option. The seller will put some money in escrow for the occupied unit. The amount was based on the possible loss we can incur.

But we are not taking in charge the current eviction. Not confident that bough I can handle an eviction so soon on my rei journey. The seller will continue, and once done, we will discount the prorated amount and refund the rest.

Thanks.

Hi @Kevin Sobilo

Thanks for your advices. Just adding more context.

• - I mentions problems. I means issue with the deals. But those are okay and we fixed them all.
• - We requested the owner to deliver 2 unit vacant ( on 4), and this is also supposed to be my primary residence. Since the owner is not able to deliver the unit vacant at closing and his currently in court with the tenant, I’m asking to know what is the best course of action.

As a landlord, I understand that I may have to deal with eviction. But I’m purchasing a property and I don’t want to inherit that hassle for free. I’m asking what is the best way update the deal here.

Hi,

I went over all the fight necessary and the expenses to be able to close. 1 day before closing, when doing the last check, my agent ( who is the seller agent ) mentions that one unit is not vacant as requested in the contract. The seller has started the eviction process. 2 unit should be delivered vacant and 2 occupied. Good to mentions that this is Irvington, NJ.

she mentions that the seller should put some amount in the escrow to deal with that. Don’t really understand how it will work and at this point I need a third party point of views.
here are my worries:

• - what happens if it take 1 year to evict the tenant ? I will be paying the mortgage without being able to get a rent for that. Should I ask the seller to pay that rent ?
• - What if the tenant trash the place before leaving?

Please any advice. Should I close, if yes with what conditions ? Should I postpone or walk away?

Will be paint full, but at this point, I’m ready to walk away. Too much problems since under contract.

Hi All,

I got under contract almost 2 months ago, especially the 11 of June. The closing date was supposed to be the 12 of July. But so far I have not been able to close for many reasons. 

After the appraisal, the house got undervalued, so the seller had to bring the price down and agree with that.  I do my best to provide everything as soon as possible but this is not the case for the seller. One recent update is that he has traveling for almost 2 weeks and ignoring anything related to the transaction. We have been waiting for him to sign the addendum of the price update and provide some documents for the title all this time. 

Normally I could just wait, but during my approval for the offer, I had to lock my rates at 6.25% FHA and the rate lock period was over around the 16 of July. Now every week that passes, I'm paying extra to keep my rate in. I'm almost at 3K+ for that and now the agent is informing me that the seller will be ready with all the requirements for closing on the 14 of August. So that is not even the closing date.

I start to think of moving away from this deal but don't know if that's even possible. What should I do? 

On top of that, I have been pushing some travel all this time, and I can no longer do it for personal reasons, so on the 14 of August, I'm not even in the country. 

Is this something normal and I'm just unlucky? Is it normal for me to complain or this Is a 'me' problem? can I request seller credit for that?

Please need help. This is my first purchase.

Hi All,

My offer was accepted for a new property and I got everything right except the insurance. The insurance agent complained about something, which I fixed. But their quotes are way off the chart. That will completely break my self-sufficiency test. 

With short notice, I'm looking for any insurance who can insure a house in Irvington, NJ 07111. It is a 4-family property owner occupant. The tenant will get their insurance that covers their stuff.

Thanks