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Updated over 7 years ago on . Most recent reply
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How do I remove existing tenants in a newly purchased duplex?
Hello, I'm looking to buy my first duplex, where I plan on living in one unit and renting the other. There are currently tenants in both units...a Section 8 tenant in unit 1, and a family in unit 2. The property was built in 1959, so I assume it's rent controlled (although, the seller's agent doesn't seem to know much about that). I'd like to renovate and get market value rent. Does anyone have any experience with removing acquired tenants? Can I remove one of the tenants, since I plan on living there? And can I give the other section 8 tenant notice, so they can be relocated? Any advice or suggestions would be greatly appreciated!
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I have had luck negotiating sellers to pay a portion of or all of cash for keys cost for my buyers. In rent control areas you must pay them to leave, non rent control areas just require a 60 day notice to vacate. The fee schedule is on the city of LA Rent Stabilization website, if you cannot find it feel free to send an email my way. We vacated three units in mid city last year, and I just did a cash for keys for my sisters newly acquired duplex in San Pedro. The San Pedro deal was unique due to our negotiating the sellers to leave $17,500 in escrow for the buyer to pay the tenants for relocation, needless to say they did not hesitate to leave, but instead of taking my advice and buying property they chose to lease in a higher rental market. The amount of money we gave the tenants was about the same as my sisters out of pocket with an FHA loan.