Buying w/ tenants already in house?
Hey BiggerPockets Family!
I have a question about buying houses with tenants already in the house. I have an opportunity to buy a couple single family properties from an investor looking to sell. This investor currently has tenants in the properties but the rent he is charging is super low for the area. The tenants are month to month. Everything looks good on the properties if I can double the current rent.
What do I need to do to assure that I can get the rent I need to purchase these properties? Do I need to give a certain amount of time for the tenants to move out after purchase if they will not agree to the new terms? Can I even get them out of the property if they are on a month to month lease right now with it being winter in Wisconsin and COVID?
This is the first time I am dealing with a property that has tenants already so any help and guidance would be helpful! Thanks!