Triplex under contract, full occupancy, want to purchase under FHA (need a tenant removed)
Hi,
A few facts:
- Triplex under contract
- 100% occupancy
- FHA loan secured
- 100% tenants on month to month leases
- Due Diligence stage is almost complete.
The questions:
- The tenants are long term and I think that any hope of getting a security deposit from them is low. I would like to live in the unit that needs rehab the most (currently renting very low, $330 / month). I was thinking that instead of using the eviction process, I could pay him a month of rent in order for him to leave quietly. How do I put this under contract or is it simply verbal?
- At what point does the eviction process start while the house is under contract? I am still in the due diligence stage and I did not want start an eviction process, find out I didn't want the house, and then have to stop the eviction process.