I don't want to move, what should I do?

Question

Hi, I have a problem and I would like your help with this.  I am new to real estate investing.  I am working on doing wholesaling and mortgage assignment.  I currently live in a duplex property and the landlord wants to sell.  She is very motivated.

I have a wholesaler that will put up the money to buy the house, and we want to assign it to a buyer.  The problem that I have is that I cannot move at this time, I won't be able to move until March of next year.

The landlord wants to put the house under contract with me, but I am afraid that if I do put the house under contract, I may have to end up moving once I find a buyer, and I am not financially capable to move at this time.

What can I do to get the house sold but not have to move?

The only way I can move would be if I made enough money from the deal and use the money to move...what should I do?  I need advise...thanks.

Angel

Angel Verdejo · Answer

I've been here 4 years and I don't have a lease.  I will be moving but not till March 2012.  I just don't want to be forced out by the new owners before March, that's why I have not yet put the house under contract.  The landlord is ready to sign.

Ed O. · Answer

What does your lease say? Are you month to month or on a 12 month lease? If on a 12 month lease, I'm pretty certain you get to stay, regardless of who owns it for the entire duration of the lease. Also, if the landlord wants you out, he's got to give you typically 30 days notice.

Account Closed · Answer

Since you are a PAYING TENANT you should help find a buyer that will appreciate the fact that it is occupied and keep you as a tenant. After all, the lure of buying an investment property is that you have occupied units and low/no vacancy.