I've had a tenant for six years in a single dwelling house which I bought to eventually move into. Some bad debt has forced me to sell. Tried to refi but bank said no thanks. Early March I told him this and offered to sell it to him with these options; 1. We get an appraisal and I'll give him 8% off that appraisal, 5 for re fees and an additional 3 for good tenant /ease of sale. Or x amount without the appraisal which I figured about the same and also equaled what I would be happywith. He said leave it with him.
A month passed and nevery heard from him. Offer number 2 was I'd give him a free months rent if he moved out by July 1st as he would have to move anyway plus go through with dealing with open houses. He agreed to that and I supplied a glowing ref letter for him.
He then came back a few weeks ago saying he was sure he could buy it and close June 1st, I agreed but I knew the chances were around 10%. As I expected he couldn't get financing and asked me to carry a 2nd for the down payment, meaning it's 100% financed, no thanks.
I gave him roughly 4 months notice less 12 days and believe I was fair, as nobody knows too far ahead when they need to sell. Single dwelling units are risky to rent as a tenant as they're not often bought as rentals as opposed to multi units which investors want occupied.
Now that he knows he's gotta go he will be difficult to deal with as he has the perfect set up, cheap rent and comfy there. Although I knew it would be a painful process. He already hasn't responded to my email rejecting financing whereas previous emails were quickly responded to. I needed the money June 1st and he strung me along and I'm at my boiling point. Although I guess July 1st was the end date if he honours our original agreement.
Hope he's not a board member lol.
Ignoring all the drama, what is an appropriate notice period for a tenant to have to move. He has been an excellent tenant and could have stayed as long as he wanted but most of my profit will go towards debt.
A month passed and nevery heard from him. Offer number 2 was I'd give him a free months rent if he moved out by July 1st as he would have to move anyway plus go through with dealing with open houses. He agreed to that and I supplied a glowing ref letter for him.
He then came back a few weeks ago saying he was sure he could buy it and close June 1st, I agreed but I knew the chances were around 10%. As I expected he couldn't get financing and asked me to carry a 2nd for the down payment, meaning it's 100% financed, no thanks.
I gave him roughly 4 months notice less 12 days and believe I was fair, as nobody knows too far ahead when they need to sell. Single dwelling units are risky to rent as a tenant as they're not often bought as rentals as opposed to multi units which investors want occupied.
Now that he knows he's gotta go he will be difficult to deal with as he has the perfect set up, cheap rent and comfy there. Although I knew it would be a painful process. He already hasn't responded to my email rejecting financing whereas previous emails were quickly responded to. I needed the money June 1st and he strung me along and I'm at my boiling point. Although I guess July 1st was the end date if he honours our original agreement.
Hope he's not a board member lol.
Ignoring all the drama, what is an appropriate notice period for a tenant to have to move. He has been an excellent tenant and could have stayed as long as he wanted but most of my profit will go towards debt.