We're buying a 2 unit that we're going to completely rehab and the tenants in the 2 unit are month to month. We're in Pennsylvania. Do you think it will be an issue to get them out after we close (a short closing is probably part of the reason we won the bid), or should we push them to get the renters out before we close and risk losing the deal?
I guess the current tenants have been in there for 7 and 12 years on a verbal month to month basis..
Are there any unforeseen issues you can see? Or some tips you can think of if you were in this situation? Thanks for any advice!!
It depends if you are willing to take the risk of a possible eviction. Most people will leave without damaging the property. The few that fight it in court will swear the rent was prepaid for 2 years.
I would request the current seller to obtain a written lease with the tenants as part of the sale based on the terms they say are in force. At a minimum, I would get a written disclosure from the seller and/or hold some money in escrow until existing tenants are gone.
hey John! Thanks for the info.. I spoke to my wife and there's actually no lease at all (it was verbal and I guess they've been there for 25 and 8 years, not 12 and 7), so would your advice be the same?
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