Eviction help while Under contract in Rahway?

[Frank A.]

Happy holidays NJ BP!

I've convinced my sister to start her investing future with a multifamily house hack. We're currently under contract, attorney review on a duplex but after visiting with the tenants we know that we don't want to inherit any of them! 

Does anyone have any advice on how we can get the property completely vacant with current COVID restrictions? So far we're only aware of being able to vacate the single unit that my sister would live in. 

Thanks much!

[Natalie Schanne]

@Frank A. - house hacks can be very lucrative especially with cheap owner occupant financing. You have several choices.

1) Ask the seller to provide the property fully vacant by closing, maybe in exchange for an increased purchase price or additional money deposit that seller can keep if you walk away (it costs them money to re rent or turn over the property if you walk).

2) Offer tenants cash for keys to be gone by closing via the seller.

3) Review the existing lease and tenant payment history, paystubs, etc. maybe tenant is worth keeping through end of their term and then you can non-renew or raise rent in accordance with local laws. Nothing prevents you from installing exterior cameras or other security to make sure tenant is obeying your lease. Ideally you get a new lease (your lease) signed by tenant before you take possession.

4) Drop this contract and try again on a vacant property or one rented to a inherited tenant you do like.

Read up on NJ rules on a tenants right to stay if they are your tenants and want to continue to rent and your ability to only raise rent like 10% max annually. Read up on Covid moratoriums and eviction issues (nothing worse than having a non paying tenant you can’t remove, especially if using free / included utilities you pay for and cannot turn off). There are many covid housing assistance programs if they’re in this position and have a Covid related job loss / hardship. Good luck!!!