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Updated almost 6 years ago on . Most recent reply

User Stats

96
Posts
7
Votes
Michael Elfant
  • Developer
  • Hoboken, NJ
7
Votes |
96
Posts

Should I buy a property with a difficult non-paying tenant?

Michael Elfant
  • Developer
  • Hoboken, NJ
Posted

Hi All - I am looking to potentially acquire a property at a discount due to an issue that the current owner has that he doesn't want to deal with himself.  The details are as follows:

The owner's daughter and her boyfriend are currently occupying his property without paying rent.  This has been going on for 5+ years and the father is looking to sell the property and pass along the tenant and subsequent eviction problem to me, the buyer.  Of course, I will be compensated fairly for taking on this headache.  I'm just wondering if anyone has gone through anything like this and what the process is?  I should add that the property is in NJ.  I think that even if it takes me 3-6 months to evict that the deal is still worth it based on the purchase price and the fair mkt value.    

Thanks,

Mike

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