Squatters

[Marlon Seecharan]

Hey guys! I am looking at a rehab deal in NYC, however, the house has squatters. What issues can arise from such a situation? And is squatters a deal breaker if all else is good?

[Dave Currence]

I am by no means an expert, but I have lived in NYC for 13 years, and manage 1 unit here. NYC, in general, has some of the most tenant-friendly laws/regs in the nation. If someone is living in a building, it can be extremely difficult to get them out quickly. If they are truly "squatters", you would probably eventually be successful in removing them, but it won't be quick or easy. You may be able to buy them out, and it could be cheaper/quicker than going through the courts,etc. Of course, you will have to factor that expense, which is probably unknown at this point, into your plan.
It might be helpful for others, if you were to disclose a bit more about the property. Borough/neighborhood, number of units (and # occupied by "squatters"), price, your end goal, etc.