Looking to sell my current home and buy a fully occupied triplex on a conventional loan. I need to be able to live in it myself. What are the steps I need to take to get current tenants out? Tenants are month to month.
Honolulu, HI · Member since 2008 · 3k+ posts · 2k+ votes
6mo
You need to obtain copies of each current Rental Agreement to determine the current Term and "ending" date. Then determine, per local LL/Tenant laws, what the ""Notice" period is to Terminate the Rental Agreement, and follow through as required.
Be sure that your purchase offer includes a demand that the existing Security Deposits be transferred to you at closing, and confirm those amounts with the Tenants.
Looking to sell my current home and buy a fully occupied triplex on a conventional loan. I need to be able to live in it myself. What are the steps I need to take to get current tenants out? Tenants are month to month.
Since they’re month-to-month, it’s usually more straightforward, you’ll just need to follow your state’s notice requirements and give proper written notice, but definitely double-check local laws to stay compliant. A lot of investors also offer a small cash-for-keys incentive to make the process smoother and avoid delays. Just make sure your lender is clear on your intent to owner-occupy. If you’re open to it, some Midwest markets can be easier for house hacking since you can sometimes find partially vacant or easier-to-transition properties at better price points.