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Author Topic: Ethics of ending month-to-month tenancy to owner occupy duplex  (Read 4100 times)

Offline GreekUrobolus

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Howdy all,

I moved to the current city I live in about two years ago and am currently renting an apartment.  My lease expires in May and I'm looking at buying my own place.  I'm looking predominately at condos but my grandpa used to own a duplex, living in one half and renting the other out.  I have my eye on on a property that looks like this:

Built in 1979
Priced at $216,000
Unit 1 is a month to month lease at $1075 a month
Unit 2 has a lease expires 10/31/16 at $995 a month
Taxes are $4500 a year

If I were to ask my agent to schedule a showing and I liked the units, what would be the ethics of making an offer contingent on unit 1 being empty at close? 

Offline javipa

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Re: Ethics of ending month-to-month tenancy to owner occupy duplex
« Reply #1 on: March 12, 2016, 12:28:48 pm »

If I were to ask my agent to schedule a showing and I liked the units, what would be the ethics of making an offer contingent on unit 1 being empty at close? 


What 'ethics' are you talking about?

The only issue is following what's in the tenant's lease agreement.  As long as you abide by those terms, you can ask for whatever you want.

Otherwise, you'll have to wait until one, or the other, tenant's lease/rental agreement expires, before you can ask them to move out.  So plan your closing around what the tenant's lease says, or pay the tenant to move out early, and act accordingly.
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Offline Gold River

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Re: Ethics of ending month-to-month tenancy to owner occupy duplex
« Reply #2 on: March 12, 2016, 02:58:13 pm »
Hi,

     You could ask the seller to make the one unit empty by closing and put an eviction on the seller if you can negotiate that into your agreement.


             GR

Offline Estrogen Hostage

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Re: Ethics of ending month-to-month tenancy to owner occupy duplex
« Reply #3 on: June 29, 2016, 09:23:02 am »
I'm not sure I would yet. You risk being homeless if it doesn't go well.

I think I would close and then give the lower paying tenant proper notice to move, and giving your landlord notice at the same time (assuming you can extend by a few months).

 




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