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Updated over 2 years ago on . Most recent reply

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David Smith
3
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40
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Buying a property - Strategies for NOT keeping long-term tenants?

David Smith
Posted

Here is the situation. I need your help.

1 - I am buying a property with 3 short-term rentals and 5 long-term tenants

2 - All 8 units can legally be rented as short-term rentals but there are long-term tenants in it

3 - If I keep the long-term tenants, I cannot afford the mortgage and the property is barely profitable, maybe even generating a loss

4 - The seller does NOT want to give notice until closing day, and would then give 60 days. they are afraid that if I don't close, then they just emptied their property for nothing.

What are the strategies to have the property to have those long-term tenants leave at closing or as soon as possible after closing?

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