Combining Residential Units For Resale
Hello,
Need some guidance on a possible investment of a 5-plex residential unit. Interested in purchasing and then combining two of the units to make the property a 4-plex and then reselling.
We are aware of the zoning/building requirements in the locations of interest. Our main question is about tenants. Should we purchase a property that is vacant for the easiest/quickest transaction? What happens if the 5-plex has tenants? Are we able to require that tenants vacate after we become the owners.
If anyone knows a good book on the subject or has any knowledge in this area, I would appreciate your feedback.
Many thanks...
In New York a tenant's lease survives the closing. If the tenant has a year lease you are required to allow them to complete the lease. If the tenants are month to month you need to give them a full months notice to vacate.
I would ask the current owner to vacate only those apartments that you are going to renovate. Often times tenants are willing to leave if the landlord askes them to regardless of their lease period.