Updated about 5 years ago on . Most recent reply
Duplex with Existing Tenants
Hi There,
My wife and I are in the process of closing on a duplex (Jan 29th). Currently, both units are occupied with tenants. Both tenants are in month-to-month agreements, renting severely under market. Even better, the tenants are mother/son relation (sarcastic lol). We are going to use this property as a house hack and we fully intend to terminate both agreements due to both being smokers and having 6 dogs between the two. The lease on our current dwelling is up at the end of March so we want to move in as soon as possible after closing and spruce up the other half to get ready for a new tenant, renting at market value.
Our main question is how do we handle to current tenant situation? Do we start a dialog with the seller with what are intentions are so the tenants can prepare? Do we wait until closing day to serve a non renewal notice to the tenants? In anyway do we have the power to have the tenants out by closing day? Any advice is appreciated, thanks!
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#4 Managing Your Property Contributor
- Real Estate Broker
- Hyde Park Tampa, FL
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#4 Managing Your Property Contributor
- Real Estate Broker
- Hyde Park Tampa, FL
There is ONE right way to avoid making this YOUR problem: add a contingency to your contract that the property is to be vacant at closing. Extend your closing date if you have to but do not take on terminating the leases. You may have heard of MTM tenants simply not leaving; some stop paying and don't leave; some trash the place on the way out - months later.
Do this like a pro - and DON"T DO IT YOURSELF. A Mother-Son duo with 6 dogs and a toxic cloud of nothing to lose...there's nothing good coming out of that.