Hey guys, I'm 23 and closing in on officially purchasing my first rental property, just finished inspections this week. The property is a 4plex in a great part of my town. Two of the units are currently rented to LONG term tenants 9 and 30 years! They're also paying well below market rent $550 vs $900. I had the opportunity of meeting them while I was following along with inspections and talked a bit.
The 2 tenants are both older women around 65 years old and really nice. Both their husbands passed away in the past few years, I saw O2 tanks and walkers in the units, and overall just a sad situation that makes you feel grateful. I don't know their financial situation but my guess is they can just get by paying the $550 rent. The one women couldn't have been nicer and even told me she hopes I buy the building and become her landlord because I seemed nice and responsible.
My end goal is to remove them so I can rehab their units and get them up to market rent. I know if anyone else buys this building they would just serve them a 30-day notice and move on. I couldn't do that to them right off the bat and would feel horrible doing so. I'm willing to work with them and in my head give them up to a year to move out and even offer to move all their stuff for them. I do understand that this is a business and I'm not getting into it to house people for free but at the end of the day their still people and just want to handle it the best possible way for everyone
I know I just have to have an uncomfortable talk with them but just wanted to see how you guys would handle this.
Thanks in advance!
