Updated over 6 years ago on . Most recent reply
Possible Difficulties with an Inherited Tenant
Hello BP!
I put my first deal (a duplex) on contract yesterday in Wisconsin. The property has a tenant in one of the units on a month-to-month verbal lease for below market rent in the area ($1,050/mo vs approx. $1,400). The tenant has lived in the property for 5 years total and the $900 security deposit will be transferred to me. Being that the lease in place now is verbal and only month-to-month, I did not think it would be an issue to vacate the tenant as I plan to open both units as short-term vacation rentals rather than long term rentals.
However, I am getting concerned that my timing will be screwed up for the lower unit due to possibly inheriting a tenant that does not want to leave (which I expect to be the case since they are paying well below market rent for the area). I want to have the tenant out ASAP so that we can make necessary repairs and improvements to the property in time for the busy summer vacation season. We close on March 15 and my original plan was to get it fixed up and rentable by May 1 assuming one month for repairs.
However, I believe WI law allows for a 28 day period for the tenant to vacate after my issuing a notice. Does anyone know if the 28 days begins the day I give the tenant the notice? So my timing would be March 15, close and inform tenant, then have the unit vacant by April 15ish? Or is it effective after the current lease term (end of march)?
Does anyone know of any other solutions to getting the tenant to move out sooner? What should I be prepared for if I have to seek an eviction? How long should I expect an eviction to typically take?
Any help on this would be very much appreciated. This is my first deal and I am starting to get pretty nervous that I will face difficulties getting the tenant out so just trying to be as informed as possible.
Thank you!
Nick
Most Popular Reply
@Nathan Gesner Since I already have a signed contract with the seller without putting the burden on them, I think I will attempt to have them give notice to the tenant and see if they will move out early. Otherwise I will go with the 30 day notice at the date of the closing. Thank you for your input!