Handling purchase with unpleasant tenant
Hey everyone! I recently purchased a townhouse and in the midst of the rehab I sparked up conversation with the owner/landlord of the neighboring townhouse. He mentioned his tenant of 10 years was causing him pains and making the property "not worth it." The tenant is on a month to month lease and the owner told him he was going to sell the property in January 2022. During my conversation with the owner he mentioned that several investors had made offers but he "needed a little more." The number he wants is still 40-50k less than my valuation (and all comps) so I feel comfortable in saying I would have a nice cushion and decent equity after closing. Additionally the rehab would be small (less than 10k) I mentioned my interest in the property and he was very interested. His one concern is his tenant and the fact that he (landlord) told him that he would give him until January 2022 to relocate. Obviously, I want to put this under contract now and would like to get the tenant out asap(who by the way is paying about 1/3 of the appropriate rent for the area). Suggestions on how to approach this and how to deal with a potentially angry tenant. Thanks in advance for all of your help!