Updated over 4 years ago on . Most recent reply
Househacking if units are filled
Hello everyone! I recently graduated from college and started my first job. I am saving money and I am planning on buying a house hack once I have saved up some money for a down payment (hopefully 2-3 months).
Overall, I think I have a solid grasp on the house hacking process and why it is so beneficial. One question that I do have however, is what do you do if you buy a multifamily and all units are occupied. The idea of forcing someone out of their home, especially if they are long time tenants, is troublesome to me. Has anyone ever ran into this situation and what did you do? I am assuming cash for keys is one option, but I am curious if anyone has any other solutions or has ran into any problems due to this situation.
Any and all feedback is appreciated.
Most Popular Reply
Hey @Matt Burgess, congrats on taking the first step of investing and researching! Unfortunately, if all units are occupied the only option is to evict one of the tenants. There are local laws that you will need to follow so make sure you do that. Basically, either you or the seller will evict one of the tenants so you can move in within the 60-day mandate from your lender.
It sucks for the tenant, I get that. But this is just business and those are some of the risks you take when you are renting.
- Brad Hammond