I just purchased a 4 unit house "hack" that is fully occupied. According to the terms of the FHA loan I need to occupy the property within 60 days. Unfortunately, none of the current tenant's leases are ending and there is no 60 day early termination notice in their current lease.
My plan is to offer a free months rent and help with moving expenses to anyone who volunteers to move. If nobody takes me up on my offer, what other options do I have available and what could happen if I am unable to occupy the property within 60 days?
Didn't you post on this before? Do your best to move in ASAP, but don't violate any laws. Pay your mortgage on time and fly below the radar. Give notice to not renew to the first expiring lease, and move into that unit for a year. After all, your lender approved the loan with these leases in place. Don't stress and have a Happy Thanksgiving!
Thanks Bettina. The first lease up to expire is not until July. I will be sure to keep up with payments but hopefully those incentives will be enough for someone to take me up on it.
Ian, I'm not sure why you assume I want something for free or would be a slum lord. This is not my first property. I am just taking advantage of the good financing terms available. The tenants are all solid and I would like to start out on good terms.
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