During 1993, I purchased a 7-bedroom house in Washington, DC. Six American University (AU) students resided there. I found out after purchase, that the sellers failed to give tenants sufficient notice. They accepted previous offers that had fallen through, and gave existing tenants the proper notice and the tenants moved out , but the offers fail through for whatever reason. Then when I came along, the sellers did no now if my offer was going to fly, so they took chances, but I was stuck with the tenants.
When I moved in, I had two AU students living in my house that I could not put out. The selling agent suggested I go up on their rent to force them out. I contacted DCRA (Department of Consumer and Regulatory Affairs). I was informed that while I could go up on the rent, the tenants did not have to pay it. The two guys moved out, one with a television and other items that belonged to me. You know what, it was worth it just to get them out of my home.
My current dilema. I have a house in Georgia. I want to sell it. However tenants are living in it and I have a property manager that I have not shared this with. The tenants have four months left on their lease, I can give them 60 days notice, according to the lease agreement, to vacate the property. I am considering selling it to an investor...I know what you are thinking, and you would be correct; selling to an investor, I am not going to get its full value. Well, I paid cash for this house in 2008 and have been renting it out every since.. and I have made what I paid for it. So, I feel comfortable giving it, basically to an investor. I want to purchase in North Carolina, and retire soon!