Deleted
Joined: Oct 7, 2024 0:14:24 GMT -5
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Post by Deleted on Aug 19, 2013 9:37:51 GMT -5
I have a condo that is currently rented and the renters are going month to month until they find a place of their own to buy. Because we are in a rent controlled area, the lease was written to extend to early next year at the max, after which time I would potentially adjust their rent.
DH and I are tired of being landlords from far away and tired of losing money on it every month with a very long time period, due to the stupid rent control, before we would even break even on rent. We want to sell it when this lease is up.
How much notice should I give the tenants that I'm not going to renew their lease and that they need to be out by that time. They have a 60 day notice requirement for leaving (since its month to month) that they have to give me. Do you think that's enough time to give them? Some of it will be over the holidays....I don't want to screw them, they've been great tenants....
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justme
Senior Associate
Joined: Feb 10, 2012 13:12:47 GMT -5
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Post by justme on Aug 19, 2013 10:07:27 GMT -5
Will it sell quickly? In other words if you boot them out would you be stuck paying the full mortgage for months vs only being out what the renters don't cover currently?
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Deleted
Joined: Oct 7, 2024 0:14:24 GMT -5
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Post by Deleted on Aug 19, 2013 11:04:58 GMT -5
Will it sell quickly? In other words if you boot them out would you be stuck paying the full mortgage for months vs only being out what the renters don't cover currently? It will probably sell pretty quickly. What I am also concerned with is the ratio of renters to owners in the building. If my renters are still there, the building is 66.6 % renter occupied. They leave and it's down to 50%. Not sure if that matters if the person buying is going to owner occupy, but I know it might be hard to get a mortgage if the building has too many renters. im prepared to pay the mortgage for a few months. I'd hate to do it for more than 6 months, but I could do it for quite awhile if needed. |
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Deleted
Joined: Oct 7, 2024 0:14:24 GMT -5
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Post by Deleted on Aug 19, 2013 13:33:17 GMT -5
It depends are your jurisdiction.
In most of CA if your tenant has lived in the unit for a year or more you have to give 60 days even if your lease is month to month.
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