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Updated almost 5 years ago, 02/18/2020
Buying MFH with existing leases I am not crazy about...ideas?
Hi BP,
Have an offer in on a MFH (competitive bid situation) and I have just received the existing 3 leases (that expire anywhere from 30 to 120 days after I take possession).
I'm not crazy about how the leases are written:
1. Obviously not written by an attorney (I'm the daughter of one....I'm picky about my contracts)
2. Includes internet and Direct TV, both of which I want to discontinue (internet I am on the fence, but no way on Direct TV...I don't want that service transferred to my name nor pay for setup).
3. Lumps together water/sewer (building utilities) and individual unit utilities. (not a deal breaker, but badly written).
4. Allows for tenants to change locks (after written consent). No way.
But it's mostly #2. I don't want to get into a new contract with Direct TV for my tenants. And I'm undecided about if I want to give them internet. But, is this basically 'the price of buying with existing tenants'?
I do want to evict all the tenants as I want to move into 1 unit and the others need some repairs/updating. So I'll have new tenants (and strong leases) within the first 5-6 months of ownership under my terms.
Thoughts?
Thanks