(Closed) I Think We Are Buying A House… A TRIPLEX

posted 5 years ago in Home
Post # 3
Member
4676 posts
Honey bee
  • Wedding: August 2012

Congrats!  My Darling Husband and I are currently looking at Duplex’s. So I would love to hear more from landlord bees…  I might have missed this in the post, but are you going to occupy the home?  

Right now I’m very nervous about kicking old tenants out.  We are plannig on occupying the main (or larger) unit.  Currently we my favorite is occupied by a hoarder.  I wouldn’t feel back about giving her the boat.  

Post # 4
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

Hmm. I doubt you depositing the money back in will work, as you will have to show a paper trail of where that money came from, and it will lead back to him. The only way to get around this is to “season” the money by depositing it 3+ months in advance of the bank looking at your financial records, and it is obviously too late for that. This is one of those lesser-known things that surprises first time home buyers, but that should be worked out prior to pre-approval to avoid spending $400-500 on inspections and another $400 or so on an appraisal that then doesn’t follow through into an approved loan because of your financial situation.

I would talk to you bank ASAP and get a clarification on how to proceed, or whether you’ll even get approved at this point.

Post # 5
Member
7312 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

1. If a house passes an inspection with “flying colors”, I’d be worried about how thorough of an inspection was done.

2. Do you have a significant reserve fund for repairs left over after the down payment and closing costs are paid? The moment you close you are immediately on the hook for all repairs. And considering that you have an occupied unit, that risk is high.

3. Since you didn’t shop around ahead of time, and your credit score is on the edge, you are in a bit of a bind.  When you got your pre-approval, you should have received copies of the credit scores and reports that your lender used to determine your pre-approval. You can take those copies to prospective lenders and have them work things up based on those numbers. Or you can have the prospective lenders do the pulls themselves and take the hit to your score. But you need to do this ASAP. There is likely a clause in your contract requiring you to apply for the official mortgage by x date and have your mortgage commitment letter by y date. Those dates are usually pretty ambitious, so you need to get on it now.

4. Being a landlord is a challenge. You never know when something is going to go wrong. You never know how people really are until you are in that relationship with them. And you have twice the amount of responsibilities. You have to take care of your own issues AND someone else’s. We do it because it’s not worth it to sell my old house in this market. We have 2 other friends in the same situation. We’re all just waiting for the market to pick back up, so we can be done with it.

Post # 6
Member
239 posts
Helper bee
  • Wedding: April 2012

First off, your credit won’t take a hit if you are shopping around within 45 days of the first time they checked your credit. 

Secondly, our mortgage is in my name only, and we had to fill out paperwork for each amount “gifted” to me by my husband showing its source and he had to sign something saying I had full and complete access to all funds in our joint bank account. Other than that it was no problem. 

Post # 8
Member
239 posts
Helper bee
  • Wedding: April 2012

@Sunnyday278:  Aww, nuts, I didn’t realize that. Best of luck figuring it all out! 

Post # 9
Member
2295 posts
Buzzing bee
  • Wedding: April 2013

Triple-check the zoning laws – even if they have been using it as a triplex. My landlord bought a triplex only to find out zoning only allows it to be occupied as a duplex. Oops! I imagine you won’t have any problem there, but worth re-checking.

Which of the units will you be occupying? I’d suggest the top one (without having seen them). Tenants above you make you much more likely to be a grumpy landlord.

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