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Updated almost 5 years ago,
Just bought house with inherited tenants and they don't allow me
I just got a property in TX for 125K if renovated bathrooms and kitchen will appreciate to 190k as per appraisal. I took a hard money loan including money for the renovation. Now the tenant is giving me a hard time, they don't want me to renovate but i need to do it before March so i can refinance to conventional loan.
Tenant has a lease with the previous owner that will expire in Sep, 2020. For my lease, they verbally agree they will allow me to do renovation if they get a month to month lease because they are looking into buy a house soon. Tenants has not called my contractor to give a day to start renovation and even has not responded to my property manager so they can sign lease. This hard money loan will be very expensive if i don't resolve this issue soon. HELP!
What can i do?