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Updated almost 4 years ago on . Most recent reply

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Amanda Smith
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Buying with tenants - can I get rid if MTM renters?

Amanda Smith
Posted

In light of COVID, I was wondering if there were any restrictions on getting rid of the month-to-month tenants in a duplex I am buying at end of the month. They are paying almost $500 below market value rent and I know they won't want to sign a new lease with rent that much higher. I don't know if there are any restrictions IF they haven't been paying rent now due to covid. I actually do not know if the tenants are up to date on rent. The seller claims they are but when he gave rental receipts he cut off the date showing when the rent was paid and refused to give receipts with dates. The payment receipts are also in someones name that is not on the lease and when I asked for clarification, they sellers agent refused to get an explanation for me. This won't matter if I can just instate my own lease after 30 days, but if there are US or WI restrictions I want to demand more before the sale goes through. Thanks in advance!

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Bjorn Ahlblad
Pro Member
#5 Multi-Family and Apartment Investing Contributor
  • Investor
  • Shelton, WA
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Bjorn Ahlblad
Pro Member
#5 Multi-Family and Apartment Investing Contributor
  • Investor
  • Shelton, WA
Replied

@Amanda Smith you could use Estoppel certs but the seller likely won't sign off; the seller is hiding the fact tenants are not UTD and probably much worse. At this point I'd walk. There is potentially way too much to lose with no evictions etc. 

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