Letting an inherited tenant out of their lease?

Letting an inherited tenant out of their lease?

Investor · Arden, NC · Member since 2013 · 87 posts · 35 votes

I'm in an awkward situation right now, I'm currently set to buy a Duplex here in Raleigh that I plan to owner-occupy. It has tenants on both sides, and the one that I plan on living in has a lease that expires mid-July. I'm scheduled to close May 1. The issue that I'm having is that my current apartment that I'm living in has a lease that expires June 1, and temporary housing for a month and a half costs a fortune.

What I'd like to do, since the tenant in there is a student, is ask them if they'd like to terminate their lease and move out at the end of May. I remember being a student and trying to find someone to sublet my apartment for the summer while I went to internships or back home, and I would've loved if the landlords at those places would let me move out early. It seems like a win-win for both parties.

I'd like to propose this to the tenant, but the hangup is that I don't own the house yet, I don't close till the end of the month. I asked my realtor to ask the seller's agent if I could talk to the owner and/or the tenant, but the sellers agent just wrote back a snarky email saying that "I wasn't the owner YET!" or something to that effect.

Is there a kosher/accepted way to do this? My agent joked that I could slip a note under the door, but I don't want to worry about harassment charges or anything. What would the folks of BiggerPockets do?

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Wholesaler · Durham, NC · Member since 2014 · 34 posts · 27 votes
12y

It sounds like once you close, you'll have a month to figure it out. I wouldn't approach someone else's tenant either way, especially since it doesn't seem urgent.

Once you own the property, notify the tenant that you don't intend to renew their lease and offer them a cash bonus if they'll vacate early. The rent they save and a hundred bucks or so might be enough to move them out. That's my .02 anyway...

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  • Investor · trenton, NJ · Member since 2009 · 14 posts · 3 votes
    12y

    I think it does not hurt to get clarity

    Speak with the seller direct

    Your under contract and you want to know

    What direction to take

    Nothing wrong with that

  • Auburn, NY · Member since 2014 · 22 posts · 4 votes
    12y

    If they refuse to move out early your current landlord would most likely allow you to live at your current residence another two

    months without signing another lease.

  • Real Estate Broker · Triangle Area, NC · Member since 2012 · 587 posts · 214 votes
    12y

    I'd first check to see if my current landlord will let me do month-to-month until I closed on the duplex. If that's not an option, then try contacting the owner since the agent is being "snarky" about the situation. Maybe he/she would put you in direct contact with the tenant to present your proposal. Good luck and let us know how it turns out!

  • Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    12y

    Could you send a letter to the student and offer to sublet the apartment from the student for that time frame?

    Seems a little on the fishy side but would be interested in what others think? I would be a separate transaction outside the purchase and once you own the building you have a lease to yourself.

  • Investor · Arden, NC · Member since 2013 · 87 posts · 35 votes
    12y
    Originally posted by @Michael Jobe:
    I'd first check to see if my current landlord will let me do month-to-month until I closed on the duplex. If that's not an option, then try contacting the owner since the agent is being "snarky" about the situation. Maybe he/she would put you in direct contact with the tenant to present your proposal. Good luck and let us know how it turns out!

    The current apartment will not let me do month to month. The best they can do is a four month lease. I'm not sure what is going through their head, it sure as hell isn't logical.

  • Wholesaler · Durham, NC · Member since 2014 · 34 posts · 27 votes
    12y

    It sounds like once you close, you'll have a month to figure it out. I wouldn't approach someone else's tenant either way, especially since it doesn't seem urgent.

    Once you own the property, notify the tenant that you don't intend to renew their lease and offer them a cash bonus if they'll vacate early. The rent they save and a hundred bucks or so might be enough to move them out. That's my .02 anyway...

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