Moving into a purchased 2-4plex that has no vacancies?

[Evans Wright]

My question is how would you handle moving into a 2-4plex that you have purchased if there are no vacancies?

I recently contacted a property owner and that was selling a 4plex and asked him if any of the units were vacant and he said no but you could post a 30 day eviction notice to one of the units. If you take out a 203k or FHA loan you have to move into the property. I know its business but buying a property to immediately kick some one out does not seem like a good way to increase your reputation especially amongst the other tenants and would be an awkward conversation to have with that tenant.

So how do you decide who gets to go and who gets to stay or are there any other avenues of approach to handle the situation that would help alleviate problems?

[Jean Bolger]

"eviction" probably isn't the right term for that. If they are on month-to-month leases then you're talking about giving a 30 day notice. (use the "E-word" when it's not necessary and you'll definitely create some ill will, lol) If they are on yearly leases then you have to wait until their lease is up. Get a copy of the lease and see what it says.

You do have a bit of time, maybe it's 60 days, maybe it's 90? not sure. Ask the lender you're getting the loan from. You could adjust your closing date so that it would give you the timing you needed. Example, lease is up Jan 1, and lender says you have to move in in 60 days. Arrange your closing for mid November. I would figure out which unit you want to live in and just explain to the tenant that you're buying the place as a home for yourself so you'll be giving them notice. You can, if you want, give them some "walking money" as a consideration but you don't have to. (might save that option, just in case you need it later)