Occupied Homes (by Adrienne [TN]) Feb 13, 2018 3:34 AM|
Occupied Homes (by Richard [MI]) Feb 13, 2018 5:41 AM
Occupied Homes (by Deanna [TX]) Feb 13, 2018 6:17 AM
Occupied Homes (by NC INVESTOR [NC]) Feb 13, 2018 7:20 AM
Occupied Homes (by Vee [OH]) Feb 13, 2018 8:12 AM
Occupied Homes (by Robert J [CA]) Feb 13, 2018 1:39 PM
Occupied Homes (by Ray-N-Pa [PA]) Feb 15, 2018 12:44 PM
Occupied Homes (by Adrienne [TN]) Posted on: Feb 13, 2018 3:34 AM
Hi all, I am interested in purchasing occupied houses via auctions my question is how do you go about removing the tenants/owners?, how long do it take? is it difficult evicting? I am going to do research for the state I want to buy in however I want to know your experience in dealing with it.
Any information you have is very much appreciated!,
Fellow Investor! --184.220.xxx.xxx
Occupied Homes (by Richard [MI]) Posted on: Feb 13, 2018 5:41 AM
Occupied Homes (by Deanna [TX]) Posted on: Feb 13, 2018 6:17 AM
It's a lawyer thing.
Foreclosures in TX get sold on first-Tuesdays. Last week, there was a very intriguing 3/1 for sale for $13k, but when I did my drive-by in January, it was still inhabited. I had enough on my plate to not want to buy an occupied house.
Unbeknownst to me, the bank finally got rid of the inhabitants a day or so before the actual auction. I found out the house was empty on Wed-- but by then, it was too late.
Chatted with the bank on Th. The price was now $23k, firm.
So-- moral of the story-- inhabited at the time of research may not be inhabited at the time of sale. You might call the bank and ask them what their timeline is to evict the current inhabitants. --166.137.xxx.xx
Occupied Homes (by NC INVESTOR [NC]) Posted on: Feb 13, 2018 7:20 AM
TN is one of the states that does not allow a new LL to evict tenants with an existing lease. The new LL must abide by the length and term of the existing lease. --71.75.xx.xx
Occupied Homes (by Vee [OH]) Posted on: Feb 13, 2018 8:12 AM
When you -walk- the property in question you might want to ask the occupants (you have no idea if they are family, friend or just homeless people) how they like the place, this might lead them to spill the answer about a lease, if no lease eviction is the same in my area, owner goes to court and proceed to get writ of possession. A good idea is to print out your local and state tenant laws, place into a 3ring binder - flip over for the state laws so they do not get mixed up, this is the basic 101 property bible. If you are investing to be a landlord it would be wise to invest time in housing court so you can observe how these laws are treated by the judge and then you can silently position yourself in the tenants shoes as well as the manager/owner - this helps you determine how to choose your battles. A local investor group meeting will tell you all of this and much more, find a few and visit often before buying then you will know what to do, ask about -that guaranteed sec8 money- tenants before you adventure into that surrogate parenting scheme... --76.188.xxx.xx
Occupied Homes (by Robert J [CA]) Posted on: Feb 13, 2018 1:39 PM
The last time I purchased a property via auction, I first did my homework. I found out how long the tenant had been living in the property, what their rent was and what appliances came with the tenancy.
I also knew the local laws and since the current tenant had a "1 Year Lease" with 7 month left on it, I had to allow the tenant to say so long as they paid the rent in full each month.
After winning the auction and closing on the deal I sent my realtor to the property to arrange a meeting. At the meeting I had the tenant fill out an estoppel. The tenant lied and said their rent was $100 less than the current lease. They said they didn't have a lease and was on a month to month tenancy. They also claimed that they owned all of the appliances.
So after 30 days I sent them a notice, I am raising the rent by $100 per month. Then the tenants filed a complaint with Housing that the refrigerator I provided didn't work and i had refused to fix it. --47.156.xx.xx
Occupied Homes (by Ray-N-Pa [PA]) Posted on: Feb 15, 2018 12:44 PM
Buy them contingent to them being vacant --24.101.xxx.xxx