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Updated almost 8 years ago,
Buying a property with tenants, but none of them are paying rent!
Hey guys!
I am in the middle of negotiating on a 3 flat with an illegal garden unit. We've agreed on a purchase price and are just about the signed the purchasing agreement. The listing agent mentioned that 3/4 of the units, including the garden unit, are rented out Month to Month with a gross income of 2000. I would really prefer the tenants stay around for a while after the purchase of the property to help pay for the mortgage while I rehab the place. However, I just learned today that the tenant's leases have actually expired, and the tenants are no longer paying rent. The listing agent only said that there was a rental income in order to help me qualify for the loan.
Is there anything I can do in order to get the tenants back on leases again before closing, so there is some rental income at the start? Should I ask for a credit for some time equal to the amount of rent that would be collected, and then kick the tenants out?