Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on TwitterFollow AgentsOnline on Facebook

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityOne of the most popular online real estate communities consistently since 1998!


Virtual Homestaging at PadStyler.com


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtors Directory

Facebook
Sponsored Links
Topic Options
Rate This Topic
#452586 - 05/17/16 01:10 PM Buying a month-to-month renter occupied home...
SSIGuy Offline
Junior Member

Registered: 05/17/16
Posts: 1
Loc: Georgia
I am in the process of purchasing a renter occupied home. The renters have lived in the home for over 3 years now. As I understand it, Georgia requires that renters be granted 60-days to move out.

I need help with the following questions:

[list]
[*]Does the renter get the security deposit back when I close on the property?
[*]Will I be required to pay my mortgage payments for 2 months while the renters live for free in the house?
[*]What type of assurances will I have that the renter will not tear the house apart while living rent free?
[*]Is this a terrible idea?
[/list]


Edited by SSIGuy (05/17/16 01:11 PM)

Top
Advertisements
#452601 - 05/18/16 04:35 AM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2189
Loc: Outer Banks
You should get the security deposit at closing because you will owe it to the renters when they move out OR you will need it to cover the damage they leave behind. You should also get a copy of the signed lease so you know what you are getting into.

you start payong the mortgage right away regardless of what the renters do. They should be paying you rent while they are there because at closing you become the new landlord. Learn what being a landlord involves.

you have no assurance what the renters will do. Have the owner give them notice to vacate now and schefule closing for after they move out, this way u will not be a landlord.

check with your lender about buying a house with renters in it. You might have to get an investor loan
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

Top
#452603 - 05/18/16 06:12 AM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7455
Loc: Vermont's North-East Kingdom
The Tenants would be living there "rent free" only if they are delinquent.

If they are in "good standing", then they paid rent to some entity . . . . either the Owner/Landlord or the Mortgagee.

Normally, collected Rents are adjusted pro-rata at Closing, so that the new Owner/Landlord is compensated for pre-paid rents for periods of time following the transfer of Ownership.

If you are not confident that the Tenants will voluntarily vacate, then do as BigToe suggested, and insist that the Closing delayed until the property can be delivered free and clear of all tenants, and after any resultant damage has been repaired.

Do you h ave a skilled Conveyance Attorney representing you in this Transaction . . . . these are all routine matters in conveying Rental Property.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#454715 - 09/27/16 05:02 AM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
ThomasWinfrey Offline
Junior Member

Registered: 09/27/16
Posts: 1
Loc: Calgary, AB
Very useful. Thanks

Top
#456261 - 01/11/17 02:08 AM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
Jhony Offline
Member

Registered: 12/14/16
Posts: 44
Loc: Maharashtra > Other areas
Hi Everybody,

Purchasing a renter occupied home is not bad idea but you should check carefully the location and other things too.
You should prepare an agreement with some conditions and get signed with property owner too. Secondly renter get the security deposit back when he close on the property.

Thanks

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
Bytes, bpoexpert, catador4255, Daini Marry, Cece
29080 Registered Users
Who's Online
0 registered (), 220 Guests and 4 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Vermont 31
Jhony 29
Daniel1234 24
rdayley 16
C21Mr.May 15
David Hunter 15
Z06Fanatic 14
JohnN 11
JMK307 10
Square 9
sualk54 9
Trouble 9
PadStyler 8
excellhomes 7
allpropinvestmen 7
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 26011903
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 26008882
No new orders today 12690098
Stupid MLS comments. 3117048
What do you know about Froy Candelario, top agent in USA 1109732
Stupid QC comments and BPO requirements. 999264
New HUD Listing Brokers---Any Update? 974259
Is there religious content in Buffini class? 767359
Let's talk about our cars 624686
Name that Flick. Great movie Lines. 560351
Pay it Forward - BPO/REO Tips & Tricks I & II 555798
Most common items found at an REO 536929
EML 459230
REOTRANS 408576
asset val seminar in colorado 381159
Main Street 370622
assist 2 sell or 1 percent realty? 308180
Evalonline 300066
Land America 285049
HOMONYMS - There, Their, and They're 285042
Agent Directory

real estate agents

Featured Member
Registered: 01/14/12
Posts: 41

How To Advertise Here


This site presented by RNC Internet Services