Possible Deal Need Advice
I am considering putting a duplex under contract. There are tenants living in the house and the owner said they have been there for 5 or 6 years but they do not have a lease. How would I structure this deal i.e. would I write in the contract that the tenants have 60 days from the closing date to vacate premise? This is my first deal and I do not know how to handle this situation.
Thanks for your help
Michelle
Why get rid of tenants who have been there 5 or 6 years? You could always have as part of the contract that the current owner get a 1 year lease signed before closing that is then transferred to you. If these "tenants" refuse to sign the lease and you want out of the deal you have an out. Unless the rental market is really hot where you are I'd try to hold onto good tenants.
Q
Michelle,
We agree with the above post. We would also add that raising the rent is a tender element with many families. Take your time and think through the alternatives. Carry costs trying to find tenants can be expensive, verses a $50 per month rent increase.
Good Find and Good luck!
Eric & Rosa
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