Anyone have experience with Owner Move-in evictions?

Putting and offer for a property $370K below market value. Current owner is an investor who owns many properties, so legally can’t relocate the protected tenant.

I am a first time homebuyer and this unit will be my place of residence. I’ve done my homework and know the facts. Need to live minimum 36 months, pay relocations fees ~8-20K, possibly hire an attorney. I LOVE the location and a place like this will never open up again.

Conti…

Posting as :
works at
You are currently posting as works at

I saw SF, California and immediately started sweating.

like

Laws in California are very tenant friendly, and it’s unlikely to end well. If you’re paying $370k below market value, maybe you can offer them the cash equivalent of 6 months of rent to GTFO. They call this “cash for keys”. But the eviction process won’t go well.

like

My first home was two family, each with 3 bedrooms. All but one of the tenants had month to month leases in the unit that we were going to use as owner occupant. He refused to be bought out, but we moved in and he became our six month roommate until his lease was up. As owner occupants we had a bit more rights, and he was decent (a little weird) but his rent helped pay for storm windows. If you really like the place investigate all options and laws.

like

What should be my next steps? Should I let this deal pass?

More details: SF city, unit is in decent shape, one tenant (lived there 10+ years, qualifies as having a disability). Comparable units around it with similar build are going for 850K plus. Any advice on how to tackle this would be appreciated. I don’t mind paying all the extra fees for relocation/legal fees given the property value is much higher and the current landlord simply does not have the right to relocate tenant because she own multiple properties and doesn’t want to live in the unit.

I would be hesitant to do this in California. I would consult with a local eviction attorney prior to purchasing so you understand what you can expect and how long the eviction process can drag on for. I have clients in Multifamily real estate and in some tenant friendly markets it can take years to get a tenant evicted and during this time they are not paying rent and are destroying the place so be very careful.

If the numbers are right maybe you just turn this into an investment property and let them keep renting, could give you the funds to in turn put you in your own nicer rental.

Ideally would want to move in. My mortgage would be ~2,500/month including taxes, insurance and interest.

Renter is only bringing in $1,180/month

Related Posts

My assumption is that one makes money in RE with leverage. So, would you never let your equity in any given property get above certain% (I.e re-leverage and invest elsewhere) or would one eventually want to own a property outright?

like

Any REIT ETFs that people like?

like

Porsche IPO worth buying now amid market and economy turbulence?

like

I recently joined citi. I have been given choice for to select superannuation as 13% of BS or 12500/- monthly or zero.

This is one time selection and not reversible.

I am already investing 1.5 lakh in 80C through SIP and EPF.

I need more detail about superannuation and is it beneficial or not?

Also is there any retirement age in IT field 🤔 (or in citi)?

like

Need a working flatmate
Spacious 2bhk in Springfield society, Kharadi.
(Opposite to Reliance mart, less than 2km from WTC)
Brokerage 25k
Monthly rent 25.5k
Security deposit 50k
All above expenses to be divided by 2.

like

Hi all, I am trying to DCA bi-weekly into Vanguard ETFs, (VO, VTI etc). It seems like Fidelity does not support auto buying of non-Fidelity ETFs. So I was wondering which of these options you think is best?

1. Open a Vanguard Invest account
2. Look for Fidelity ETFs that are similar to Vanguard ETFs
3. Use smaller brokerages like SoFi l, Robinhood etc.

I really do not want to manage nor be active. My goal is to log-in like once every 6 months.

Thank you all.

like

Should I do the IPG employee stock plan? Anyone else do this? Don’t even know if it’s a good stock or not

like

My DashPass via my CSP is expiring at end of the month. Does anyone know if I can get another year of it by adding another eligible Chase card on the same account??

like

Wrapping my head around the equity piece of an offer. Is the equity you are granted in dollars converted to shares right away? So if the stock goes up or down, the totally dollar amount in equity granted when you sign might not be what you actually get over the first four years?

like

Any recommendations on a good side hustle or part time job? Trying to buy a house (yes I know the economy sucks right now) and it’s been tough saving with a SW salary.

like

Anyone have any tips or ideas on how to collect money owed from a client? In a few months it’ll be two years since the debt was incurred. We send monthly reminders of the bill. It’s a significant amount (well to us) and the client is now starting to open up and telling everyone about the situation that we helped to resolve.

like

How’s the rental market in denver right now? am looking for 1.2k 1bd where it’s walking or biking distance to restaurants, shops. doable?

like

What’s a good baseline amount to keep in a checking account? I generally keep mine pretty low <1000 after paying CCs then dump the rest in savings. As I’m building a rainy day fund and then I will start contributing my brokerage account.

For reference <1 year experience at $4500/month (after taxes and 401k contribution)

like

What is the best way to invest in IPOs.

like

i'm looking into getting an american express credit card.. this will be my first credit card, i do a lot of driving and traveling what would be the best one to get?

like

Do any of you guys use Microsoft Excel or anything like that when doing financial planning? Like for example having an excel spread sheet where you type in clients income, and income when retired

like

Hi,

Kindly ping me if you need any help for filling up the ITR. I will help you to get maximum return.

Charges applicable.

Thank you

likefunny

By investing 50k/annum in NPS I can save 15k tax per year.. Suggest me I should opt for NPS or not?

I just got a FAANG offer with 290k TC (8 YOE), so I am trying to rent out my place as I need to relocate, but I am not able to find someone to cover my full rent and I am depressed because I am so not investment savvy and I can NEVER EVER accept losing money in ANY SITUATION. Am I being insane?

likefunny

More Posts

Strategy Director Salary / LA / 8-10 years exp?

like

I am transitioning into a ESL and interventionist role this coming school year! I’ve taught 3rd-4th grade. What is the ONE thing you wish you knew going into your ESL teaching job? I’d love any advice

like

Sometimes I feel like I'm not a real lawyer because my job is completely remote and I feel like other people look down on me. Is this just my own insecurity.

like

Is 22-24 LPA good range for Senior Consultant in EY GDS Business consulting or am I being underpaid (3.4 yoe)?

like

What are your go to sources for news? I am considering subscribing to The Ken.. is it worth it? Alternative suggestions welcome.

like

Hi! I got an offer with Standard Chartered India. What does Grade 7 Band 7 mean? and I got a role as Specialist, Product engineer. Is this equivalent to senior software engineer ? Or relevant to manager? What is senior engineer is know in SCB?

Thanks in advance!

like

I was recently offered a Zoom interview. The school had 10 interview slots for me to choose from. Three were one day this week and the rest are next week. I chose the first time slot available. Should I have waited until one of the last slots so I was fresher on their mind when choosing a candidate? I am just sitting here stressing out until I here something. Also, do interviewers still appreciate a hand written thank you for the interview?

Get FUCKED, WestLaw. I only switched windows to draft a paragraph, not to end my session.

Post Photo
likefunny

hows everyone doing?

like

Has anyone here installed a security camera or system in their own apartment? Any you’d recommend?

likehelpful

This is the great resignation, right? Thoughts on jumping for the fourth time in seven years? I’m chasing the pay to get to where I want to be and have an offer but am getting reservations on making a move within a year. Appreciate any similar personal experience.

like

Moving to Oregon from California in about a month. I don't know anyone in the city. Any suggestions on activities/cool sights to see?

Best way to have some EPIC training materials ?

Hi All,
Currently working in S&P Gloabl (Associate Software developer {Tableau})
I am looking for a job change.
I have +6 Month's of experience.
Skills :- Tableau, Python, SQL.

How much you guys make with 2 yoe in fed consulting. Just got promoted and now making 91k. Is that low or high for the fed space?

like

My wife is in sales at Mercedes and she has been averaging $200k a year and growing YoY. She loves her job, however she works long days and barely gets time off. We plan on having kids within the next year or two, and it’s highly u likely that she’ll be able to keep her current gig. We want to find a career that allows her to work remote or that at least gives her a better work life balance so that she can see her kids grow up. Should she get certifications to give her a shot at adtech?Too late?

like

Any Certified Pardot Consultants on here? Wondering if it’s worth the certification.

like

Hello - has anyone tracked ads, or creative, date sent, etc? If so, what database did you use?

Whenever I got promoted to digital ACD a few years ago, I noticed my pay was much lower than I expected for the market I’m in, hard to find skillsets, performance, and visibility I’ve brought to the agency. I’ve brought this up a few times and was told HR would do research into salary equity, but the convo always fades. I put my foot down with my GCD, and she supports me, but I would like to come to the table with my own research. Where should I be looking for accuracy?

like

Additional Posts in The Real Estate Bowl

How long did it take you to buy your first million dollar home? What were the steps you took to get there?

My dream neighborhood is 10 min down the road but entry point is 1.2m. Currently my house is worth around $550k

like

Went into a multi family property 50/50 with a relative against my gut. Things are going horrible. Need to get out. Best options? Buy him out? He invested maybe 4-5K in time (demolition work) and 2K in cash. I’ve managed the whole thing for 9 months. 10% of gross rents (as a management fee) would be about the same (6-7K)). Bought at low in market just after COVID hit. I want to keep the building. Seems fair to give him his initial investment back + some additional money for market gains. Help!

like

Hey everyone, curious about pros/cons and profitability of renting out a unit long term vs AirBnB. Let’s say it’s a condo downtown in a big city, how do you figure out what’s the better option?

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

Got an agent and she was useless for finding good tenants. Got frustrated and finally started finding leads myself and closing on one soon. I have signed a contract with the agent for paying one months rent as fee. How can i fight this or as he has been literally of zero value add? I will ofcourse ask nicely but wanted to see if i have any other options!

like

My assumption is that one makes money in RE with leverage. So, would you never let your equity in any given property get above certain% (I.e re-leverage and invest elsewhere) or would one eventually want to own a property outright?

like

For anyone that has bought a townhome from Lennar, are the walls fairly well insulated for sound?

What, if any, were your main complaints?

like

We are renovating a condo and the previous owner had two Crane toilets (not sure how old, but functioning although seals are old according to our contractor). Back outlet flour mount ones are the only options for the building, and one toilet can cost $300-$500.

We are redoing all the bathroom tiles and walls and debating what we should do with the two toilets. Would resealing the toilets extend the use life? Or should we just replace the toilets? Any other recommendations? TIA!!

like

28 year old with ~125k in cash/brokerage. Have been wanting to begin purchasing rentals but anxious to use a good bit of my liquid savings. Thoughts on biting the bullet vs. investing in stocks. In Houston if that is a factor

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

For those w investment property, how many of you self manage vs using property manager? This is my first condo, relative new build from 2018 and a family friend jus moved out. I would have self managed but am scared about squatting/evictions esp w Covid and the rent memorandums. Thinking of jus getting the property manager as I am new to this... Advice appreciated.

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

Any investors in the woodlands Texas for single family homes, rent looks good as per Zillow , good school district and houses are still affordable compared to Dallas and Austin

like

Question for folks with second homes: Considering buying a vacation home but would be primarily for family use. We currently have a primary residence with a mortgage balance of ~640K, so my understanding is I could only deduct the mortgage interest on 110K of the second mortgage to stay under the 750K cap. If I were to buy the second home through an LLC, would that allow me to exceed that 750K since the expenses of the second home would be pass through expenses/income?

like

Closing on my first home. Advice for anyone with student loans in administrative forbearance per the Cares act: once your offer is accepted have you student loan servicer put your account back in repayment status.

Accounts in forbearance, even administrative forbearance, are calculated at a higher monthly payment by the underwriter.

My fictitious debt to income ratio was too high for them to approve me, and it took seven days for my loan to be officially back in repayment. So just a heads up.

like

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like

Any Property Management recs in Seattle area? :(

like

Can I get a commercial loan without 25% down?

like

Commercial real estate question. When a residential property will likely zone commercial in the coming years, do we, the owner, wait for a buyer/developer to contact us?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal