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Updated over 8 years ago,
Buying flip property with tenant with verbal lease,
Hi BP,
I'm looking at buying a property from another investor and I think it's best as a flip. There is a tenant living there that I will want to leave after I buy it. They are paying month-to-month on a verbal lease (they're paying about half of what the property should get for rent). I want them out so I can get the work done and sell it asap.
If I give them notice and they don't want to leave, if I proceed with eviction, what do I site as a reason? Is the fact that I'm a new owner with no written lease enough to win the eviction?
I've never bought an occupied property before nor have I ever evicted anyone. Just want to know what to expect and how this might effect my carrying cost.
Thanks for any input!