Want to house hack a triplex but there are already three tenants renting. If I were to buy it could I kick out a tenant or would I have to do something like cash for keys? Want to know what y'all think the best solution is, please.
Make a possible contingency in the contract stating one of the units has to be free and clear of any tenants prior to closing. This puts it on the seller if there are month to month leases or one of the leases expires soon. If one lease expires soon but after closing, have the current owner (seller) give them a notice that he will not be renewing their lease when it expires. You can't just "kick out" a tenant. Remember, these apartments are the tenants homes. They typically need 30-90 day notice to vacate because 1. it is the law and 2. it is the right thing to do as we are still dealing with humans. If the seller is not willing to help then after closing you can try cash for keys, serve them a proper notice if they are month to month or lastly, wait for the next expiration of their lease to come due and give them proper notice that you will not be renewing it. Keep in mind, just because you may serve the proper notice does not mean the tenant will leave. Good chance in todays current state of evictions and with covid, they will be sitting pretty in your unit. Lots of factors to account for to use any of these tactics. I hope this helped and best of luck!
Agree with many of the points that Dante has mentioned above, and was going to re-iterate the cash for keys option as well.
May want to check with your real estate agent if/how your owner occupied status would open any options as well.