All Forum Posts by: Sergiu Ionita

Hi, I'm from Portland, OR. I have a few questions about a duplex that's supposed to close on Friday. I want to live in one side and rent the other. In my offer, I requested that the seller serve one of the tenants a 60 day eviction notice (tenant must be out by June 30) so I can live in one unit. My closing date is May 22. I've scheduled a final walk-through before closing...It just now hit me that the tennant could possibly damage the unit before moving out June 30. Is there any way I could make the tenant liable for damages in case this does happen? I also want to make a new lease agreement for the tenant that is staying. She's on a month-to-month lease with the previous owner. How would I go about presenting a new lease agreement? Do I literally knock on her door and ask her to sign the new agreement? Could I make the new agreement effective whenever I want? (June 1st) Thanks in advance!

Welcome! Be sure to check out the bigger pockets podcasts. Helped me out a lot!

Me! I just got a duplex under contract in Portland and just started a real estate agent pre-licensing program as I want to quit my current job and work in the field. I love real estate!

I'm a young noob. I just got a duplex under contract in Portland and I'm looking to invest in the future. I want to quit my job really soon and start working in the field as an agent. I'm currently in pre-licensing school. I'm probably not your best contact as I don't have any leads, but I may be of use in the future when I get my license. Keep me in mind...

@Michell P.

Hey, thanks for all the info. I just received an email from my agent with an addendum. Seller takes care of 60 day eviction notice, and he talked to the seller's agent and they're going to have the property management company write up a lease agreement. I was a little paranoid. I thought he didn't know what he was doing, but he was doing all of this without telling me what's going on. It looks like he's taking care of it without telling me exactly what he's doing. Thanks again for your help tho. :)

@Michell P.

I've never heard of that, so I will mention it to my agent and see if he knows anything about it. I have a question on that though. With an FHA loan, I need to occupy one of the units 45 days after closing and my mortgage company needs proof that someone is moving out before even giving me the loan. Can I get the estoppel letters filled out and signed before even closing? Maybe I need to talk to my mortgage broker and see if they'll accept that.

@Joshua Iachini

Yes, I just talked to my mortgage broker and he said he needs a lease agreement as well as a copy of a 30 day or 60 day notice sent to him directly from the seller in order to get this financed. At this point I feel like I know more than my agent! I asked him yesterday about putting a clause in our offer asking the seller to get rid of one of the tenants as part of the agreement. He said it's not a big deal to get rid of tenants, so I trusted him as a professional. Looks like I may need to get another agent.

@Kevin Nichols 

I'm not actually sure, my agent just said it's a long story and pretty much the seller can't provide a lease agreement.

I spoke with my agent and asked if we can put something like that in the agreement and ask the seller to get rid of one of the tenants. He said getting rid of tenants is not that big of a deal and we could take care it. He seemed pretty confident and so as a first time home buyer, I believed him. Now I'm starting to doubt him. We're sort of friends, so I figured I should trust him.

And I have to get rid of at least one of the tenants as I'm doing an FHA loan and that requires me to live in one unit.

Hi! Im from Portland Oregon. I've made an offer on a duplex that has tenants living in there, the seller can't/won't provide a copy of the lease agreement. Is this something I should be worried about? My agent says it's not a big deal. It sounds like a big deal to me though. I'm going to need to live in one of these units as I'm using an FHA loan and one of the tenants has to go. If I were to buy it, how would I go about getting rid of a tenant if there's no agreement??

Hi Casey and welcome! I'm also new to the investing world and also been looking for a multi-family to purchase, but I'm  in Portland. For the past month or so I've just been searching, but this morning I came across a sweet deal and I finally submitted my first offer! I'd say your first step is to talk to a mortgage broker and see what you can get pre-approved for and then have an agent send you listings based on that. My mortgage broker works with investors, so when I told him I'd be renting out the other unit to help pay the mortgage, he was able to pre-qualify me for a much higher loan. I'd suggest finding a good mortgage broker and a good agent first. :) Have a good weekend and God bless you.