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Updated over 6 years ago,
How to buy multi-family with no lease tenants
The majority of multi-families I have been looking at have tenants in place without a lease. They are paying month-to-month. Tenants are well protected here in NY. Let's assume that the Seller provides bank statements that shows the tenant is paying rent every month, the Seller is not willing to provide the property vacant, and my goal is to buy and hold. What other things should I request from the Seller when presenting an offer, if anything? I have been informed to make sure they are not rent stabilized. Should I include a contingency that says current tenants must sign a lease with me at or before closing, or is this going to kill the offer? Or I could also have the Seller provide a notarized statement that states that tenants are free market on a month to month tenancy, with no protections or written agreements. Though I am not sure how to protect myself should the tenant choose to destroy the apartment, for example.