Buying fully occupied duplex through FHA... advice?
Hi BP,
Just a quick post to get some friendly advise on how to go about this situation..
I am closing on my first duplex on the 30th, (3 days), and there are tenants occupying both the top and bottom apartments. As you know, with a FHA loan, the residence must be owner occupied. The tenants leases don't expire until some time in summer.. July-August I think. I would rather live in the top because it rents for less and it would give my fiance and I the opportunity to fix it up a little and when we move out, possibly rent it for more.
Now my question is, How would you go about getting the tenants to move out possibly before their lease ends so you could move in? I could probably just wait for the lease to be up, but Id rather not take up space in my parents house for any longer than I have to.
thanks,
Joe