Purchasing Rented Property In Virginia
If you purchase a property that is now rental property, do I have to honor the lease? :-? The reason I am asking is the lease is not up until Sept 2005 and I want to live there and start a business there myself. So do I have to wait until 2005 before I can move in or can I let them out of their leases legally?[ Edited by angelcher on Date 10/15/2004 ]
I purchased a duplex in VA. I had to honor the lease. The security deposit was turned over to me as where copies on the leases. The prior owner had no further part in the lease. Legally, I had to let them stay unless they violated the lease agreement *which they did not). I ended up with 2 lousy tenants that way. Now they are gone and I have my judgement on tenant choice (house used to be a drug house, now it is not).
You might try to entice the current tenants into leaving (basically $$). There are other NON-ethical ways to get them to leave, but those could get you into legal hot water. Talk with the tenants. Maybe they will leave a few months early in exchange for something.
Thanks so much. I guess I will just hope they want to leave. I am going to offer them the house I am renting which is three times the size of the upstairs apartment. So, who knows, maybe they will go for it.
A signed L/O will usually release 75 percent of the income-to-debt ratio (some lenders are now doing 80 percent), which will probably allow the borrower to get another loan from the same lender.
[addsig]
You are missing the amount of the current loan. The deal can be structured if you let me know the amount of the debt, the term of the lease, the location of the property, the terms of the underlying note, the condition of the property, and your game plan. Ty Ebright www.mbrllc.com