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Updated about 4 years ago on . Most recent reply
Offer on occupied duplex, tenants not paying
Hi all, I would be grateful for your opinions on this situations.
I am going to see a duplex in NJ thats is nicely below market value. This will be my second investment property.
New roof and siding. Inside needs some cosmetic work, kitchens bathrooms, etc.
Second floor tenant has not paid rent since October. First floor tenant is a family friend of the owner and doesn’t pay rent but “knows they need to move out”
Solid location & rent potential is strong but given the current climate of evictions, I’m not sure how long it will take to evict the upstairs and possible downstairs tenants if something can’t be worked out. Seller passes this burden to buyer.
I’m going to have a conversation with my attorneys but what would you do here?