Quote:
Originally Posted by lazycash
Is this for the property you acquired less than 6 months ago? https://gfy.com/showthread.php?t=1012404 If so, that would mean the tenant has been in there less than 5 months which would be kinda quick to be asking for a rent increase. |
Interesting story on that property, actually. A few days before closing of escrow, we received word that the bank wouldn't fund the loan. Ironically it was a bank owned property, and they apparently didn't know this needed to be a "cash only" sale.
The situation was back around the burst of the RE bubble, the builder couldn't sell all the units. So they took possession of the remaining 50+% of them, and made them available as rentals. Well, I guess Fanny & Freddie have some stipulation in which they won't fund loans in buildings where there's not a high enough percentage of owner-occupied units.
But we weren't told this until the very last second. So we never ended up acquiring that unit.