Buying Invest Property With Tenants
Hope all is well, I am looking for advice on Purchasing Duplex Property With Current Tenants. The Current Tenants Are On Month To Month. I want the Tenants Out April 1 2023 So I Can Rehab the place. How should I proceed with this purchase?
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#1 Legal & Legislation Contributor
- Rental Property Investor
- Hanover Twp, PA
@Justin Brown, so it sounds like you don't want to start the rehab before April 1, 2023. How much would being delayed a month or two affect you?
If you need to start April 1, 2023 and any delay would cause you issues, then you would probably want to give them their nonrenewal early with a move-out date of February 1st or March 1st. This way, if they don't leave you have time to evict them in time for April 1st.
If that April 1st date is just the earliest you want to start rehab, then I would give the notice with a move-out of April 1st.
Most states require 30 days notice but in the interest of being more fair to the tenants, I would give them 45 or 60 days Im sure.
Yes I don’t want to start rehab before April 1, 2023. Current tenants are on month to month leases, so I am wondering how should I handle the property take over with them being on month to month or should I give them a 5-6 month lease
