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Updated over 1 year ago on .

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Steven Liddle
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Purchasing a property intended for STR but has a tenant on LTR contract

Steven Liddle
Posted

Hi all! First off, we love this resource. Now to get down to it, the REI firm I'm a part of just purchased a property that comes with 3 separate dwellings. 2 of the dwellings will have tenants vacated by the end of September 23. However, we are now learning that the seller extended one contract until 2024. This was done prior to closing so we're stuck with one LTR. Does anyone have experience with this situation? We'd love to offer that tenant their security deposit back and 1-2 months to find another apartment AND incentivize them with a $500 inconvenience fee. Any and all perspective is truly appreciated. And again, Love this platform!