First Multi-Family Investment - Northern NJ

[Justin Thompson]

Excited to share that I have recently closed on a two family house in Clifton, NJ (suburbs of NYC). The house is in great shape and is in a good part of town within close proximity to bars/restaurants etc. My plan is to house hack it and live in one of the two units. Upon closing on the house 1/2 of the tenants have left which allowed me do do some work on the downstairs apartment (refinishing the floors, painting and opening up and renovating the kitchen). 

I have had no luck getting the other tenants out (I only wish to do so because they are paying $500-$600 under market value of the rent in the area, town is rent controlled as well) otherwise they are good tenants. Any advise for removing them amicably from the property? With the current moratorium I have been reluctant to go the legal route as I do not believe it would yield any favorable outcome at this current time. The tenants have expressed a desire and willingness to move but are expecting a child soon and are not willing to pay any relator fees for a new apartment - so they are not in much of a rush, thinking about offering cash for keys as my next step.Any feedback here is greatly appreciated!

On a second note - my plan is to continue and build my portfolio from here, I'm interested in hearing what other successful investors who live in high priced real estate markets think about investing out of state or staying the course and playing the surrounding area for the next few deals.

Thanks again,