We've all been there. On the fence of trying to buy the story of a non paying tenant. So here I am again with 2 tenant occupied listings and I'm told one tenant has stopped paying, but wants to purchase his unit. I called and had a nice conversation with him. He seemed sincere and motivated to move forward with getting qualified for a mortgage. Made the introduction to my lender and then he disappeared.
Once again, I fell for a stall tactic. But wait, that's what the tenant thinks. I put it on the line that the home would be listed for sale on a specific date and if he didn't initiate financing he would be moving. His lease is up. He's not paying.
He tried crying the medical blues to me. Not sure where he's going, other than bye bye as I immediately contacted my attorney to start eviction proceedings. Tenant is unaware of my movement. Communication is the key to keeping me happy, and he killed that. I told him that if he wanted to stay in his home he could promptly submit his monthly rent to the heirs of the estate and we would keep him on a month to month agreement.
I'm sure there will be drama with showings, so this eviction can't happen soon enough. And although there is a 24 hour notification period, I can guarantee he'll have a last minute reason not to allow showings in to preview the unit. He'll change the locks, not answer his phone. All the tricks. Been there, done that. I only pray that he doesn't destroy the property in the interim. There have been code violations, HOA fines all brought upon by the tenant operating a business out of the property.
I'm delaying activating the listing because there's no way this will sell without major drama. So now I wait for the attorney to move. Too bad for the tenant, because my attorney is fast and effective.
I spoke to the other tenant who has a valid lease through next January and has been paying rent in a timely manner. They decided against purchasing. I put them at ease and said I would be marketing their home as an investment property with excellent tenants. No showings would be confirmed unless the potential buyers were prequalified or had proof of funds to close. This tenant was grateful that I would be giving them 24 hours notice and not majorly disrupt their lives. I'm thankful as well! Working together, transparently is the optimal way to initiate a smooth real estate transaction.
I'd love to hear your experiences with tenant occupied listings!
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