Tenants
I have a two family house under contract. The owner is moving South so her aparment will be empty. The remaining tenant is a handycap man and has two children. The seller does not want the responsibilty of eviction. She is leaving it up to me. I want a vacant house at closing because this man is paying below market rent and my figures will not work out for my monthly mortgage. Do you feel that i should back out of the contract? Is there a law in pretaing to eviction of children and handycap people on the closing date?
You will likely have to keep the tenant there for the duration of the lease. You can't evict someone for no reason. Talk to the tenant and explain that you are looking to purchase the home and see if they would be willing to pay more for rent. If yes, then you can get them to void the old lease and sign a new one with you. If no, you may have to wait until the lease is up.
Smiling~ Is there a lease on the property?
Oh, sweetie, I feel for you - I've had tenants who were so nice and they were just having hard times and I agonized. . . . . but the bottom line is that each of us is responsible for our own situation. You. Me. the Tenant. . . . .
I am in no way advocating being cruel. I am advocating doing what is right for you. I assume that the tenant is on a month to month rental agreement, or is otherwise in default. . . . . .
in this situation, to be good to the tenant, perhaps give them a little longer to locate new digs,
or
let them know now that you will be closing on XX date, and that, assuming closing goes through, you plan to work on the place which will need to be vacant because of the scope of the project - and then raise rents. therefore, you will be giving them the appropriate notice on XX date.
I attempt to be as good to others as I can, as long as doing so doesn't cost me or damage me.
wishing you success in your real estate business -
SWgato