Buying a property with month-to-month tenants in NJ

[Paul Jurczyk]

Hello,

I'm considering purchasing a triplex in NJ that has 3 month-to-month tenants. The rent is quite a bit below market and purchasing the property only makes sense if I can raise the rent.

I know NJ has some strong anti-eviction laws... even with a month-to-month lease it seems like you can't just kick someone out at the end of the month, but have to renew. Only way to kick someone out is with "just cause".

So rather than kick them out or ask them to leave, I think I can raise the rent. It would be a significant raise... probably about 30%. So i'm figuring the tenant will end up moving out anyway. From my understanding, I just need to send the tenant a 'Notice to Quit' 30 days before the next month's term starts, and then the next month the higher rent would kick in.

Does this sound correct? Is it more complicated than this? Am I misunderstanding how it works altogether? Any advice would be appreciated.