Rent After Auction Purchase?


#1

Sean, The home I purchased at trustee sale Rents are about 2000 a month in that area. The tennant has been renting for 3 years and we spoke amicably on the phone. I will post? the 60 Day Notice to Quit (After Foreclosure-Tenant Occupied). From today going forward am I entitled to any rent? Does the eviction process start after the 60 days if they havent moved out? Given that she said she wanted to stay for 60 days how much do you guess she may take? It seems that I would have to give her more than the rental value of that home for 60 days. What do you think? ? ?


#2

She absolutely owes you rent from the day you bought the property on the steps. You will be able to get a judgement against her for that amount as part of the eviction process if she does not agree to pay. It is always important to explain this simple fact up front, and then start the negotiation. Otherwise folks will think they are entitled to something for free and sit on their hands.
?
Once you clarify this issue with her, I’d recommend negotiating cash-4-keys if your desire is to flip the property. In this market the last thing you want to do is sit even one extra day. I usually start at $1k to be out in 1 week, and I’ll waive rents from the time I took ownership. From there it is just a negotiation. To some time is more important, to others money. The most I have paid is $5k - but to be out the next day.