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Updated about 8 years ago on . Most recent reply

User Stats

40
Posts
5
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Brandon Leong
  • Investor
  • New York, NY
5
Votes |
40
Posts

Agent says best to evict current tenants, should I listen?

Brandon Leong
  • Investor
  • New York, NY
Posted

I found an interesting property, which is a 4 unit multiplex. I contacted the agent and requested some information about the property. She mentioned that the place is currently fully rented out, which in my head, is a great thing.

After we conversed a little more, she asked me if I was planning to do renovations on the house, stating that the house was in good shape, but the tenants "are a little sketchy" and now would be a good time to evict them all, renovate and get fresh tenants.

The vacancy rate is lowish - but I'm not too sure, I want to do my due diligence on what she said. But evicting tenants, renovating and getting new ones sounds like an expensive process. I don't own anything yet and this is my first foray into buying rental property. What would you guys suggest? Should I just move on from this?

Most Popular Reply

User Stats

217
Posts
88
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Franco Li
  • Vendor
  • New York, NY
88
Votes |
217
Posts
Franco Li
  • Vendor
  • New York, NY
Replied

I would go back to her and ask what prompted her intuition that these individuals are unkindly. If you can squeeze some more months out of these guys, it might be wise to do so but if they are indeed a bit sketchy, it probably just makes sense to evict, renovate, increase rental prices, and wait for someone you're more comfortable with.

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