I am looking to possibly buy a block of condos that are mostly occupied (8 of 10 are occupied). The current tenants are all renting, is it possible to legally evict them if my plan is to sell the condos off individually? I am in CT.
No, the tenants are protected by the leases. Once the leases expire, you can not renew their lease and force them out, but in the mean time you are stuck with them.
Mike
That’s not a huge deal, I think it shouldn’t really be a big deal in terms of my overall plan. There are a few vacant now, selling them off first will give me plenty of surplus cash to keep the bills paid until the other units can be sold.
Rich,
Plus you’ll be receiving the rents while they are rented.
Mike
Yeah, but I’ll definitely need some of the money from the sales to cover the deficit…I’ll be down a few grand a month and that will have to come out of the sales money. He’s getting good rents now but they have room to go up, though not enough to really cover any real world expenses and the mortgage fully. Luckily the units are in tip top condition, he’s replaced the major machanicals, redid the plumbing and electrical, etc so those expenses shouldn’t be a big deal during the tranisisiton. Also they aren’t low income so I’m hoping the professional people that are renting won’t be hard on the units. They shouldn’t need too much rehab before being resold so realisitically keeping them there won’t be terrible. I’m just at this point examining my options to see if they are evictable should I want/need to do so.
Why not lease option or sell the condos to the tenants? Or some owner financing? It sounds like a good deal with a lot of possibilities. Keep us updated.
I was thinking the same, gotta get the deal to close first…then start thinking about the special options.
There’s really no point evicting them before the place is sold. If they’re already condo’s, then you can just wait for the lease to expire or just buy them out. Tell them you’ll give them a month’s rent if they move out when it’s sold and if they allow it to be shown while you’re trying to sell them. You also make the month’s rent the condition for ripping up the old lease.
I’ll probably just wait for them to expire, just examining my options. If I had a buyer lined up I’d hate to have to wait for the lease to run out before I could sell. At least I have a few vacants to sell now while I wait for the leases to run out. Hoping the numbers come back positive so I can go ahead and do this deal.