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Updated about 4 years ago,
Buying a fix & flip with existing tenants. How to remove tenants?
Hi! I am purchasing a mobile home on land from a wholesaler under market value. My plan is to renovate the home and sell it. The home has existing tenants who have been living there for 8 years. The lease was signed when they originally moved in, in 2012. On page 1, it says the lease renews every year automatically. However, on page 2 it says the lease can be terminated by either party at any time with a written 30 day notice. I am a first time investor and am concerned there will be an issue where the tenants will not leave.
Also, Ive seen where the new Biden administration is planning to extend eviction moratoriums by executive order within the first 10 days of taking office. Can anyone offer any advice on how best to navigate this situation? I am thinking to just offer the tenants full months rent ($700) if they can move out within the month of February. Possibly an extra $500 on top of that, if the original $700 is not motivating enough. I have attached 2 photos of the lease for reference. This property is in Florida.
Any advice or suggestions is GREATLY appreciated!
Dylan