Do I have to Buy Out a Tenant if I want to move in to a 4 unit?

4 Replies

I live in Los Angeles (Actually Santa Monica) with our draconian rules on getting people out of buildings and the high costs of buying them out, just curious how this would effect me in Bakersfield/Kern County. 

What's a normal buyout amount? if needed...

@David T pisarra

Not sure about the rules in your City or State but when we have done cash for keys prior, I always ask the tenant for their number. Typically it is much less than what I would be willing to spend. I would also have them sign some type of lease termination letter (ask you RE attorney).

Yes this would require a payout, check the LA rent stabilization ordinance website.  Take the required payoffs with a grain of salt, the spirit of the law often outweighs the letter of the law if it goes to court.  Out of court your are usually looking at $8-20k per tenant depending on how long they have been there and family composition.