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#461513 - 05/20/18 03:31 PM Investment Property Conditions
realtor12345 Offline
Junior Member

Registered: 04/07/18
Posts: 9
Loc: Detroit, Mi
Hi, I am a new realtor, I got my license mainly to purchase investment properties. I am looking at a four-plex right now and considering an offer. Anyone have any suggestions on some clauses I should be writing in in order to protect myself?

The building is fully tenanted and I am considering moving into one of the units myself, which will require me to effectively "kick" one of the tenants out. Do I need to write this into the offer?

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#461515 - 05/21/18 05:37 AM Re: Investment Property Conditions [Re: realtor12345]
Roadfrontage Offline
Member

Registered: 03/28/16
Posts: 13
Loc: PA
I am not familiar with Michigan real estate, but in Pennsylvania the existing leases would survive the transfer of ownership. I am curious to know if that wasn't true in Michigan.

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#461519 - 05/21/18 01:41 PM Re: Investment Property Conditions [Re: Roadfrontage]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1093
Loc: Virginia
Amen, here in VA too. Existing leases COME with the property. You can't just kick someone out.

I am beginning to think perhaps your lender is 'requiring' you to live in one of the apartments. That's just my guess. But, if not, then notify the one tenant, WELL in advance please, that you will be terminating their lease when it's up for renewal.

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