New Owner, Can I break a current tenant lease? (New Mexico)

[Carlos Martinez]

Hello BP,

I just closed on my first 4 plex using my VA Loan which means I have to occupy one of the units. I must move in by Jan 1, 2017. All 4 units are currently rented, 2 are month-by-month and the others have contracts until Feb 1st. The best tenants are the month-by-month ones, and the problem child is one on contract. I know this because I created a relationship with the other tenants and they all point the finger at that one. Having said that, I want to evict them since I have to move in and I also want to get rid of those problems. I have not notified them of anything yet.

My question is, as a new owner, do I have to respect the current lease they have or can I simply give them notice to vacate. If I cant just void their lease, can I get some tips on offering cash for keys or other things you guy have tried.

Also, can I raise the rent on the tenants on contract?

All help will greatly be appreciated!

Thank You

[Thomas S.]

Read and learn your state landlord tenant regulations. You should have done that before you purchased the property. Once you know the regulations regulating the business you will have the answers to your tenant questions and more.

The regulations will include language regarding owner occupancy rights.

Usually a new owner has the right to terminate a tenants lease for personal occupancy. It would be an eviction.