All Forum Posts by: David Scott

Bill is right.

Plus, you also might want to check over the loan you are assuming very thoroughly. I have a VA loan that is NOT assumable, unless you qualify for a VA loan. If this is the same loan he has then it's a no go.

Use the new buy and hold calculator just posted here on bigger pockets for buy and hold properties. Is the rental income 1725 for just one side? Because if you're using your VA loan to purchase this property you have to occupy it with 60 days of closing and remain in occupation for at least 365 days.

Make an offer that makes this property fit into the 1 percent rule and if you can do better you should. Most people on here will tell you to run the other direction if when both sides are rented it fails to meet the 1 percent rule. Some people even say it needs to be 2 percent but considering you're area you'll be hard pressed to find that.

I just inherited tenants on the duplex i bought in August. At least in my state (KS) it is just that; you inherit the tenant and their contract. The contract is bound to the property, so you have to honor all terms of that contract. If your fee's and policies are more lenient then the existing contract then you can default to yours if you like but it doesn't work the other way around. Study and know the contract you're buying! Also make sure there is a clause in the purchasing contract that has the current leases in there. I bought my duplex through a private seller and they tried to change the lease i was inheriting right before i closed.