New Investor| 1st time Investor | Eviction during COVID
Hey everyone,
Just went under contract on my first rental that I will househack, a fourplex/4plex/quad in Chesapeake, VA, using a FHA 203kLoan. The house currently has tenants in each unit. My agent and I tried to get the seller to agree to delivering the property vacant but they wouldn't do it saying:
1) holidays coming
2) COVID is happening so they want to the tenants to be ok
3) the tenants have been living there for a decade+ so the seller thinks of them as family and doesn't want to ask them to leave
4) what if the deal doesn't go through and they are left with an empty property.
We countered with them paying credit toward closing which they agreed.
So my question is getting the tenants out when we close in December. Two reason I do not want to keep these tenants:
1) Their rent is way below market value ie some are paying $300 for rent
2) This is a rehab loan and I am fully renovating the place
The tenants are on a month-to-month lease and know that the property is being sold. The seller let the tenants know there is a possibility for them to be asked to move if the property is sold.
My plan is to give the tenants notice at the time I take possession of the property that they must vacate the premise at the of their lease (they are month-to-month) in on January 31st.
Does anyone have any advice on how to do this properly?