Should I buy a triplex at discounted price with all 3 units delinquent for over year

[Eyouel Demissie]

I'm looking for advice on whether if it's worth it to invest on a triplex with all 3 units delinquent for over a year and owe more that $30K to the current owner. And if I go on with the purchase, how hard will it be to evict them? 

The property is in an okay neighborhood and at a reduced price. I've been told that one tenant has left recently but the eviction process has not been started for the other 2 units. It seems like the tenants are not cooperative and making it difficult to have showings. I don't have any other information on it yet.

[Nathan Gesner]

Here's the problem. You can't get inside to view the units, so you can't confirm or deny the condition of the property or it's value.

If it were me, I would find a way to take control of the situation. The Seller clearly doesn't need the money immediately or he would have evicted these tenants and replaced them with renters that actually pay rent.

I would offer to purchase the building at the listed sales price. If eviction takes three months, I would set the closing date for 4-5 months so I have time to complete the evictions and still conduct my inspections after.

I would ask Seller to sign a master lease, giving me authority over the property during the time we are under contract for the sale. I would pay the Seller a set amount, maybe 1/2 what the existing renters are supposed to be paying. I would take full responsibility for the existing tenants. If they pay rent, it's mine to keep. If I have to hire an attorney to evict, I bear the burden of that cost. This gives me authority to improve things to my benefit. I can assure you, I would have those tenants out as quickly as possible, then I could complete my inspections and either accept the sales price, negotiate repairs or a price reduction, or walk away from the deal. I'm only out a small amount and a little time.

This would take some work, but I have the experience and skills to handle it. I think it's a great opportunity to pick up a really good deal in a tough market, but only if you know what you are doing and structure it properly.