Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago, 09/23/2015
Closing on 1st Fourplex!! Inheriting 1 Tenant issue- Need Advice
Finally closing on a Fourplex in 3 Days!! This site has been an incredible learning experience and helped me pull the trigger!! Two 2/1 bedrooms and 2 Efficiencies. Paid 215k and put 20% down with an owner occupied loan. Right now the total Rents are $2700 ($900 month for one 2/1, and $800 for the other 2/1, $500 for each efficiency)
The 1 efficiency tenant has been notified to vacate so I can take that unit for the 1 year owner occupant requirement from the lender . The previous property manager had him on a month to month lease with NO security deposit and he hasn't paid for September and hasn't left yet and kept asking to stay and would have his brother-in-law co-sign etc. since he always pays late according to the property manager.
What options do I have before closing to ensure this person doesn't completely destroy the unit and actually leaves etc?
Any input/help would be greatly appreciated!!