Tennesee renters rights

[Anthony J Ruma]

Hello BP members! Looking for some help!

I have an opportunity to buy a duplex for a great price, under market value in East Tennessee. One side is vacant, and the other side is leased until December. Ideally, I’d like to buy it, and fix/update both sides at the same time for ease on my end.

My question is what are the renters rights having an active lease through the end of the year? Am I able to cancel the lease as a new homeowner? Would I have to pay them 1 months rent to leave? If so, how many days do they get to pack and leave? Is it not an option what-so-ever?

This would be my first multi family investment opportunity, and If it goes the way I’d like, I can purchase 2 more duplex’s from the same owner.

Id love any and all input and help regarding this manner.

Thanks so much!

Anthony

[JD Martin]

Quote from @Anthony J Ruma:

Hello BP members! Looking for some help!

I have an opportunity to buy a duplex for a great price, under market value in East Tennessee. One side is vacant, and the other side is leased until December. Ideally, I’d like to buy it, and fix/update both sides at the same time for ease on my end.

My question is what are the renters rights having an active lease through the end of the year? Am I able to cancel the lease as a new homeowner? Would I have to pay them 1 months rent to leave? If so, how many days do they get to pack and leave? Is it not an option what-so-ever?

This would be my first multi family investment opportunity, and If it goes the way I’d like, I can purchase 2 more duplex’s from the same owner.

Id love any and all input and help regarding this manner.

Thanks so much!

Anthony

1. No, you cannot unilaterally cancel the lease. 

2. You can try to pay them to leave early, that would be their choice. If they are under market they'll likely decline.

3. There's no way to force them to leave on a valid lease unless there are terms that they are violating that call for immediate cure or quit. 

I'm in East TN so where is your purchase located?