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Updated over 9 years ago,

User Stats

41
Posts
5
Votes
Elizabeth J Humphrey
  • clinical application analyst
  • Saint Petersburg, FL
5
Votes |
41
Posts

buying property and owner occupying

Elizabeth J Humphrey
  • clinical application analyst
  • Saint Petersburg, FL
Posted

I will be purchasing a multifamily unit 2-4units with an FHA loan that requires me to occupy one of the units within 60 days of closing. My question is what if all units are occupied? Would they have to have new leases with me? I would assume that since I took ownership that the previous leases are null and void assuming this is not section 8 ,HUD, or any other govt assisted housing. Do I just pick which unit I want to occupy and give that tenant 60 days notice and have the other tenants sign new lease with me? I live in Florida. Thanks for any input

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