Need Quick Answer Please! Condo Conversion-asking Existing Tenants To Leave
I am putting an offer on a 3 family to convert to condos. 2 units have tenants. They pay a combined $2000 per month, my holding cost will be around $5,000 per month. They are tenant at will. It will cost me money to hold the property and not get into their units to rehab, so I would like to serve them notice when I close.
Has anyone had to do this? Should I have my lawyer draft up any paperwork prior to the closing in regards to tenant agreements? or just revise any written agreement the current owner has with them? Just curios how to proceed.
Has anyone served notice to existing tenants upon the purchase of a property, either to rehab or just put your own tenants into?
anyone...have you had to ask existing tenants to leave on purchase either to put your own tenants in ou to rehab?
If the lease has expired, Give a 30 day notice to move after closing, Or Ask the tenants if they would be interested in purchasing the units.
I spent two hours today negotiating the purchase of a complex that was set up as condos and converted to Apartments. Dealing with two different owners.