In San Jose, possible to not renew the 1-year lease in favor of owner moving in?

[Hardik Joshi]

Hey folks,

I am planning to buy a 4-plex in San Jose which comes under the San Jose rental ordinance. This is my first property. 1-year Lease in one of the unit is ending in 4 months. I want to move into this unit at the end of the lease. Is it possible to not renew the lease in favor of owner move in? Is there any relocation assistance you need to provide in that case?

[Corby Goade]

You won't be able to finance it as a primary unless you have a clear path to occupancy within 60 days of close- could be hairy in this situation. 

Are you working with an experienced realtor? They should be able to help you take a run at this. 

Generally, you'll need to close less than 60 days from the end of that lease AND it's likely that the current owner will have to serve the tenant with a non renewal notice and confirm they will be out within 60 days of close. 

Tough, but not impossible. 

Best of luck!