Ok I Have A Question
Hey if anybody can help me out with this one, I would appreciate it. I am in the process of buying a 4 unit building in Buffalo. 2 units are vacant 2 are rented. The 2 that are rented, one unit, I like the tenants, the other unit, the tenants are slobs and I wouldnt want to keep them. My question is, at closing, can I keep and kick out whoever I want?? If not, how do I go about handling it?? Any ideas?? Thanks
You will take the property subject to the rights of the existing tenants. You can be very strict and evict them on first notice or possibly try to pay them to get out.
You have to go by the leases that are already in place. With that said, let them know that you are going to be doing some rehab and doubling the rents. Do you think they will want to move???? Ask them if they want to move you will understand, just have them give you a couple weeks notice.
Realistically you can do whatever you want as long as the tenants agree with you. When there is a meeting of the minds, whats the problem?
Sometimes you just have to convince the tenants that your idea is the best for all involved.
what would it cost and is it worth buying them out?
How hot to trot are you or the seller to make it a contingency of escrow?
What are local laws?
Just realize, that provided they are not breaking laws or destroying property, the most important thing is if they are paying their rent.
I would not kick out a long time tenant who is paying their rent on time just because they are sloppy. If the outside is sloppy, then tell them that they must clean it up. If the inside is sloppy, then have an inspection and tell them the what needs repair or possible cleaning for infestation problems.
If you kick them out you will will have the cost of rehabbing the unit and possibly getting a dead beat tenant.
Brenda