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Updated about 4 years ago,
Good Deal but tenant has paid rent i 4-5 months
Hello everyone, I am a 26 years old aspiring REI. I found this really good multi-family in Greenville, Jersey City for 750k but the owner is willing to give me 50k in credit bringing down to 700k ( purchase price). I got approved for pre-qualified for about 750K+ in the loan based on my credit.
I was willing to pay 140k (20%) in downpayment and my mortgage and interest and mortgage comes to $3,200 (estimate) monthly without PMI.
But here's the thing.
The 2nd floor is paying about $2200 ( section 8 ), the government pays 1600 and the tenant pays 600.
The first floor only pays $1400 for the first and the basement ( has two rooms ) but the tenant hasn't paid in the past 4-5 months and not willing to leave.
My concern is if I acquire the house, I do not want to have a tenant that is not paying rent and the court date might take up to 6-7 months according to my attorney.
Do you think I should go forward with this deal or no ? what is your thought on this? Please help. Thank you.
EDIT - GOOD DEAL BUT 1ST FLOOR TENANT HASN'T PAID RENT IN 4-5 MONTHS