I am currently looking at a duplex as my first investment. I can only afford to use the FHA loan as I won't be able to put 25% down requirement on this investment. The renters are currently leasing until May. What is the best way to go about asking or getting the renters to move out within 90 days. There are 6 renters in two parts of the duplex, so I would only need one to move out for me to move in? Is it legal to write up a contract to cancel the lease within 90 days?
Legally they're allowed to stay until their lease is up. There isnt anything you can do about that unless they willfully agree to leave, or are in violation of their lease and get evicted.
FHA gives you a certain amount of time to move into the house. I seem to remember 30 days, but fact check that.
You're best bet is to see if they will willfully move. If not for free then offer them money to do so.
@Christopher Krueger if there are current leases in play, by law you have to honor the terms of the lease therein. Or you can pay the tenants to move. Cash always opens up the conversation.