I’m in love with a triplex that is for sale and is already fully rented. Great price, Great location, great home. At the time of closing I plan set an agreement to move only one tenant out. The leases are m2m. Any tips you guys can give?
@Tanisha Haughton Are you buying as owner occupied then the tenant will have to be out before you close. Study the landlord tenant laws in the community you are buying and see how much notice you have to give your tenants before nonrenewal or look at cash for keys.
@Tanisha Haughton This is the only way I prefer to buy. Mainly because the type of cash flow areas I invest. Also I do and suggest a ton of delay financing for myself and those in my network. It just makes life easier when you go to lender 30-45 days after closing to put longterm debt on the property.
@Tanisha Haughton Have you had rental properties before? If not, make sure you get copies of the rental agreements from the landlord and the security deposits. Verify the rents are correct and the tenants are current on all their payments.
Why are you moving one of the tenants out? If it is for you to move in, as Tim said, make sure the contact states that the unit is to be vacant at closing and confirm this.