Updated over 7 years ago on . Most recent reply
Buying with existing tenant question
Hey everyone, I am currently in the process of buying my first owner occupied duplex, which currently has tenants occupying both units. Per my realtor, both tenants were on month to month leases, therefore I could move into the unit that needs more TLC, 30 days after closing.
I am set to close this Friday, and I got a phone call from my realtor today, who told me she just heard from the current property manager that the tenants in the unit I planned on moving in have a lease unit March 2019, and the tenants in the unit I do not want to live in until January 2019.
Here's the kicker... my current lease ends at the end of July 2018 (next month), and I will be out of the country for the first 3 weeks of July. I'm kind of freaking out, since I don't have time to 1, look for a different deal, or 2 hope that tenant in the unit I want to move in will go without a fight.
The current property manager said the tenant has been a good tenant, and he thinks that he will leave without issue, but I'm not going to just hope that he's right, as court costs will be a lot, I will have no where to live, and the cash I'll have left over from this deal will be needed for repairs for this property to cashflow.
Any suggestions???