Buying house with tenants and moving in - 5 Tips!
ฝัง
- เผยแพร่เมื่อ 11 ก.ค. 2024
- This video is for homebuyers, not investors! With record low inventory, we understand that homebuyers may be considering buying a house with tenants, just to get a chance to buy a house! If you find a tenant occupied property for sale, make sure you understand these 5 tips before buying a property with tenants! We cover this and more:
✔️ What are the two ways to buy a house with tenants❓
✔️ What extra paperwork should a home buyer review❓
✔️ Is there way to shorten the process when giving notice to a tenant❓
✔️ How can buying a property with tenants affect the financing❓
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📌 We can help you buy or sell a home (with or without tenants) in Southern California 👉 www.wireassociates.com/contact/
Sections
00:00 WIRE Associates intro from Christian Walsh
01:33 Buying house with tenants - two ways
03:25 Tip #1 Who is terminating tenancy?
04:25 Tip #2 Financing
05:47 Tip #3 Paperwork
07:29 Tip #4 Eviction
08:44 Tip #5 Bonus to save time and money
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This is not meant to be a solicitation of a property currently under contract. This is not meant to be legal or tax advice, please consult with the appropriate professional. We are licensed to sell real estate in California (if you need help elsewhere, we can help find a good broker, let us know), CalRE # 01804983. Berkshire Hathaway HomeServices California Properties (# 01317331)
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I've just seen a property I liked online but it has a tenant in it who is being difficult about letting people view the property. This makes me think they might also be difficult about leaving the property. So I've declined to view it, I want to live in the house I buy, not become an accidental landlady with a difficult tenant while I have to rent somewhere else.
There could be a $ amount for the house that it still makes sense to buy even with this situation. 😀
Excellent video
Super information man
Much appreciated!
Amazing video
Thanks! 😀👍
Good video. I applies for the sb91,dollars. Its been 3 weeks. Nothing yet. I called out the company that was dealing with this process and they knew nothing about it. This is what happens when you're dealing with the government and its money
Excellent advice! I’m interested in a 2-family house but waiting for the price to go down $50K. You opened my eyes to the possible legal and financial hurdles.
Thanks for watching, Joanne!
I appreciate the video. I'm trying to buy my first home for last 2 months. Currently looking at a house (tour tomorrow evening) that is within my budget but will be occupied by tenants for another 10 months (lease). It has been on the market for a few weeks with zero offers. Waiting 10 months doesn't bother me but I don't know squat about being a landlord. I really want to learn more about it. I do have intentions of renting out rooms in the future but wasn't expecting to be a landlord right away. Also don't know if VA loan will have exceptions for this either considering its not my primary residence after closing.
Thanks for watching! Double check with your lender, but a VA loan typically requires that you be moved in by 60 days after the close of escrow. Have your agent talk to the listing agent about a buyout of the lease...there might be a $ amount that the tenants would take to move out. This can come from the seller, or you, if you're getting a good enough deal on the home it may be worth doing. Being a landlord is tough right now and I'd hate to see you get a crash course during the pandemic! Good luck and keep us posted....
I'm in the process of buying a duplex with a tenant.
Sounds like a huge gamble with my life savings,😩 I like the cash for keys, this property looks to be 40k below market value and tenants want to stay until October. Thank you for answering my questions!
Thanks for keeping the great questions coming, Lizzy! Give it a run on the property, but now you'll be able to go in with eyes wide open. Good luck and keep me posted...
About 2 weeks away from buying a tenant occupied and just hoping everything goes smoothly. Will probably offer cash for keys after closing. Wish me luck 🤞
You may want to get the ball rolling on it now...
How did it play out? Hopefully all is well with your situation.
Please provide us with an update on how your situation played out. @jilliand6491
Homebuyers, with low inventory are you considering buying a tenant occupied property? Let us know...
Definitely
with these 100 k above asking in nyc erea
I wish i would have seen this video before taking my realtor word. I just closed on my first home purchase last month, now i just have to get the tenants out.
Good luck! Yes, it's a tough time to get a tenant out....make sure you discuss your local laws with a good local eviction attorney.
Man you probably just save me from an ish storm.
Haha! Glad to help!
I'm looking to buy a place in Anaheim as my first home. Tenant's current lease is til end of June. I know the owner of the house. I'd like to hold off on taking possession until the tenants are actually out, but I'm worried about interest rates going up to the point where I can't afford the house by the time May/June comes around. What can I do to protect myself but also secure an interest rate soon?
Great question, Sean. About the longest you'll be able to lock the interest rate is 45-60 days, so that won't be enough time. There are a few options:
- Pay the tenant to move out earlier, aka Cash for Keys 👉 th-cam.com/video/VxJH3Vqezpc/w-d-xo.html
- Close sooner and hold back some $ in escrow to cover a potential eviction. If it isn't needed, then it gets released to the seller.
- Close and roll the dice...the moratorium is over in Anaheim so you'll be able to evict if needed.
Yeah… definitely scared. Found a property in the area I want but now I’m wondering why it’s discounted. They got pictures of the place on the inside and tenants are nice but won’t be out until Nov 1st (little over a month). We just got out of a grueling escrow with a difficult seller… not sure if I can stomach more surprises.
Just make sure the property closes after the tenants are out and you'll be fine. You may want to lock your loan for extra time, like 45 or 60 days just in case.
Hi, I just bought a property with a tenant in it and it's about to register in my name in a few weeks. The tenants lease only expires in 8 months. I was hoping to give them 3months to move out after registration. From what I gathered in your video I guess I can't do anything about this ? I'd have to wait for the lease agreement to expire. Since I can't get them out earlier and their lease is till Aug do I still need to give them a notice closer to the time that the contract won't be renewed or will they automatically leave 1s the lease agreement expires
That's correct, you must honor the length and terms of the lease. You'll need to see what the lease says about the lease end - some terminate and some roll over into month-to-month agreements. It may also specify how/when a nonrenewal of lease will work. Also, be sure to check your local area to make sure that you CAN end their tenancy...some places still have a local eviction moratorium in place that will prevent you from terminating the tenancy at lease end.
Hi, we’re interested in a house that listed for sale with the tenants still living in it and they have been living in for years. The house sale as it the owner does not want to deal with the tenant and we don’t know the house condition as we can’t go look the inside. I wondering if the Cash for Keys still applies in this situation? Any recommendations? And thanks for your video.
Cash for Keys could apply in this situation, but you need to check local laws to see if there's anything that would prevent it. Also, depending on the area, you may NOT have to offer Cash for Keys and can just terminate the tenancy. Discuss your options with a local attorney and make sure you're getting enough of a discount on the home for the headaches.
I put a offer on a hoMe but there’s a current tenant residing until September and planning to move in by July
Idk if I should move forward with it. I don’t want to deal with this headache in case these issues arise that this tenant doesn’t want to move out.
See if the current owner would be open to buying out the tenant, aka Cash for Keys 👉 th-cam.com/video/VxJH3Vqezpc/w-d-xo.html
Cash for Keys, would it be smart to wait until the tenant moves out before you give them the "Cash for Keys" money. What happens if you give them that money and they don't move out.
Yes, meet on the last day with the check. Here's a video on it th-cam.com/video/VxJH3Vqezpc/w-d-xo.html
@@WIREassociates Just watched that video, great advice, thank you
@@robertjones2820 thanks Robert!
If you told me you weren’t related to Woody Harrelson I wouldn’t believe you 😂😂
Haha! I get that occasionally!
Where would Information specific to the current tenants be? We have a duplex with a granny unit In back the unit in back has a older woman in back who is very aggressive and rude angry we want her out, I want to know if there is any specific information in the purchase agreement that would stop us from removing her she is month to month
If you already own it, then refer to the lease and an estoppel (you should have been provided one in escrow). Then look to local regulations to see if there is anything that would prevent you from terminating her tenancy. Of course, discuss with a good local attorney.
The house we were looking right now has a tenant that does not pay rent since its a duplex from a family who recently died. So the house does not have sellers disclosure almost sold as is. The tenant does not want others to view the house too so we don't know what it looks like. And my agent wants me to sign the papers without even look into consideration about these red flags. Good thing I did not sign it.
There's a number where the deal will still make sense to inherit these headaches, but you have to make sure you're getting it at enough of a discount.
Why I didn’t see this video before? I’m in a situation where the tenants are still in the property and the buyer wants to move on the closing day and they don’t wanna pay for my locked rate.. after a lot of issues I’m going to ask away from this nightmare deal
Sorry to hear that, Victor! The good news is that you didn't close yet and get stuck with the tenants...
Buenas noches Victor, espero y te encuentres bien! Si lees este mensaje por favor me dejas saber para hacerte una pregunta. Hello Victor I have a question, if you read this message please let me know. Thanks!
@@yova2002 hello! Cómo te ayudo?
how to reach you ? Christian Walsh .. I am going to buy a house with an occupant who is the seller's brother. This occupant who live there for years does not want to move out . so how long does it take to get this occupant move out ? thanks
Glad you're doing the research now, Linda, too many people wait until after closing! 👉 www.wireassociates.com/contact/
Question how do I evict tenants if the new owner wants to move in to tenants unit?
They have expired lease from previous owners and are in months to months tenancy
What is the best way to write a notice to quit?
For no right or privileges?
Lapse of time?
Serious nuisance?
I already sent 2 notice to quit for 30 days each
Giving them 60 days notice
But I don’t know if my notice has the proper language I don’t want to have to start all over again for some technical issues with the notice to quit thanks
You should be able to give a notice to terminate tenancy in this case, unless there is a still a local eviction moratorium that prevents it. If you're in California, here's a video on the correct notice to use: th-cam.com/video/kw60zmLnfYU/w-d-xo.html
@@WIREassociates What happens if the tenant resides at the residency beyond the notice to quit? Does the new buyer assume responsibility for eviction or is the buyer required to submit a new notice to quit before filing for eviction? In this case the rental lease doesn't expire because it's month-to-month.
@@OceanicEstate If the tenant stays beyond the notice it moves to unlawful detainer. If the property hasn't closed, the seller should evict. If it's closed, buyer would. The ticking clock for the 60 day notice carries over to the buyer if it closes...no new 60 day notice required if it was proper notice.
what if it a auction property and there is a tenant still in there
You'll inherit a tenant and will have to follow state or local regulations to get them out...
I’m the tenant the buyer give me 90 days to move out,I said yes the home price 950,000……
Insane you buy a house yet you have no right to live in it!
Can I eviction the old owner from a property I just but on a house sale
It will depend where the house is, in some places you can terminate a tenancy and some you can't, like LA City and LA County.
In harrisburg pa
California housing is so expensive what about the property tax. I you pay 700K your taxes will be 8k a year. Just to own it. California but not that nice. I wonder if houses can keep going up. Jobs don't pay that much.
Yes, property taxes are a big number, but actually low as compared to other states and Proposition 13 keeps property taxes from going up much once you buy. You're not reassessed to full market value for property taxes like other states.
What if you want to keep the tenant? How would that work?
That makes the process easier (as long as your loan allows it, if financing). 😀 Make sure the tenant wants to stay and then get a copy of the lease plus proof that the tenant has been paying on time., plus ask for an estoppel form signed by the tenant and landlord.
Lol I want 6 houses
Haha! Don't stop there!
Christ what if the tenant is esquaters
You'll need to reach out for legal assistance from an eviction attorney ASAP. Some squatters can be removed by calling the police for trespassing, but other times the squatters may end up needing to be evicted.