New Multi-family Property Investment Questions
Hello all. I've got a question for my first post here, and I apologize if this has been covered before.
I'm looking at purchasing a triplex mere blocks away from the local university campus, and I am planning on living in one of the units.
My question is this: What kind of notice do I have to give the tennant in the unit I want to move into? The tennant is currently on a month-to-month agreement.
I know that I cannot raise the rent for 30 days or so, but are there any additional practices I have to follow?
The reason I ask is I got some information that would best be called "dubious" from my agent. He told me that when I purchase the property, any lease that the tennants had is null and void, as it constitues a contract with the previous owner. This sounds fishy to me.
If anybody can give any advice, I would be appreciative! 
Andrew
Potential WI Investor
Property is purchased subject to existing leases. Don't know where your agent took his contract law, but I suspect he missed class the day his real estate licensing course covered that material.
Your local landlord-tenant law covers the eviction and termination notice questions and other landlord related areas. While you may think you are only required to give 30 days notice for termination of a lease, your local landlord tenant law may require 60 days.
Best to check this out with your lawyer.[ Edited by DaveT on Date 08/29/2003 ]
I agree 100% with Dave...
Your RE agent is a GOOF...
...tell it to their Broker of that RE Company..
...and see WhatTheySay!
....as always,
GoodInvesting, Rocky
You did not say what state you are in, and you will be governed by that. Here in Florida you have to give notice equal to the time between rent. ( Monthly rent requires 30 day notice, weekly rent requires 7 day. ) You said this unit was month to month so you only need to give 30 days notice ( in Florida anyway.)
[addsig]
see if you have a local apartment association ....or a state apartment association. They'll be able to tell you exactly what you have to do. In my state it's 15 days notice if you're NOT going to renew a contract.