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Updated almost 5 years ago, 02/18/2020

User Stats

11
Posts
0
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Jennifer O.
  • Investor
  • Greater Boston, MA
0
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11
Posts

Buying MFH with existing leases I am not crazy about...ideas?

Jennifer O.
  • Investor
  • Greater Boston, MA
Posted

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

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