Rental Property Investor · Philadelphia, PA · Member since 2013 · 50 posts · 11 votes
Hey BP I’m planning on selling a couple houses one has a long term private tenant in place and the other has a long term Section 8 tenant in the middle of a two year lease. What are some good practices for navigating situations like this? I’m not sure legally what I’m responsible for ?
I would make sure the tenants are aware that you'll be listing the properties for sale and then list them. Depending on the buyer, some buyers may want the tenants and others may want the property delivered vacant. It's best to get it listed and find out who you're dealing with and what the ideal situation is for the buyer.
I've seen the cash for keys work if it is in the middle of a lease but Section 8 will probably throw another wrench in there for you. Best to get an attorney's opinion on what the implications of Section 8 will be.