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?
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.