House Hacking a Multifamily

[Jason A.]

I am looking into buying a multifamily on the MLS. The majority of what I have seen are already occupied by tenants. If I want to live in the property immediately after I buy, what is the best way to do this?

Regards,

[Joshua Fulenwider]

You can put a condition in your contract that one of the units is to be vacant by the time of closing (assuming this meets with your local property laws).  You should specify which one.  A lot of leases have clauses dealing with what happens during a change of ownership.  They either protect the tenants or give the landlord the option to terminate the lease so long as proper notice is given.

During your due diligence you should look over the leases and see what options they give you.

I want to reiterate that a lot of your options are going to be dictated by local laws.