First Multi-family purchase

[Neil Patel]

Hello, I am currently in the process of closing on a 3 family home in Elizabeth NJ. I am financing the home using an FHA owner occupied mortgage. Currently 2 of the units are vacant and the 3 unit is occupied by a tenant who has been living in the unit for 27 years. She currently pays 875 a month which is way below market value and is on a month to month lease. Im not sure if she will be able to afford fair market value and will most likely have to let her know to vacate the property within 2 months. Will the process to evict here be very difficult? Since I am a first time owner-occupied buyer and the tenant is living on a month to month lease.

[Neil Patel]

@Kevin Paulk I worked a friend who is an agent in the area.

[Neil Patel]

@Kevin Paulk @Brandon L. @James Bolden @Christopher Giannino @Ben Seitz @Andre P. @Ibrahim Hughes @John Casmon @Yuriy Kosmin @Wade Garrett @Christy Harris@Valerie Hiscoe Hello everyone I know its been awhile since I posted. So I wanted to give everyone an update on this property. I was able to close on august 17th and spent the past two weeks fixing and renting the property with my contractors. I placed a for rent sign in front of the house and got about 300 phone calls in a week and was able to rent out two of the units for 1400 and 1150 respectively starting september 1st. With the second floor tenant I am currently negotiating with her. I have talked to her and she is willing to go up in rent once she finds a job since her husband is disabled and she is currently unemployed. She always pays her rent on time so going the route of gradual increase is the best even if im going to get 100-200 less then market. If she were to leave I would have to spend money to fix up the unit and most likely lose 1 months rent. Thank you everyone for your responses and help with this situation.