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Updated about 5 years ago,
Given incorrect information on rents and lease
Hello all,
I am at a loss on what to do next. I am fixing to close on a fourplex in the next couple of days. However, I just received the current Lease agreements of the tenants and 1 tenant doesn't pay what was said (only off $25.00 per month, but it's still incorrect information) and I was originally told that all tenants are month to month. Current Leases are 2 at 6 months and 2 at 12 months.
I have not closed on the property yet. However, this is an FHA house hack loan which states I need to take residency within 60 days of closing with the earliest Lease expiring in April 2020. I am wondering what my recourses are due to the incorrect information on the property and what your advice would be moving forward before closing.
If the current owner does a cash for keys before I close and has it in writing that said tenant will be out by X date is there a particular set of verbiage you would suggest having on the agreement? Would it be okay to close with this agreement knowing that they only have until X date to be out and at that point I would be safe to start my eviction process?
I am new to investing and I have learned so much during this deal. However, I know there is much, much more for me to learn. Please be kind but any and all advice is appreciated.
Thanks,
James Kirby