Tenants Facing Eviction From Current Owner- Tight Scheduling- Need Advice

[Stuart Johnson]

So I am buying my first house here in Charlotte and plan to provide a basic fix-up over my first year, renovate the detached garage that's been converted to an apartment already, rent that out while I continue on the main house. All inspections have passed, good appraisal, clean title, loan in place and I am ready to go. The one major problem left are the tenants. The current owner has had a judge issue an eviction as of last week and for the tenants to be out by May 7th, the day before I close on the home. I have informed the owners that if the tenants are still there, I am walking away as I was never willing, nor able, to handle any part of an eviction with people I do not know. However, even if they are out by my the date, the county still allows a 7 day period before I can change locks and allow them to collect any additional personal property. Am I crazy to stay in this deal? Or am I overthinking and should wait out the 7 day period. I am not worried so much about the home as it really needs work already. However, when the property transfers to me, will I have any problems with this eviction process at the very end? I have known about the tenant issue and even extended my closing date with the assurance that everyone will play ball and the owners are handling it but it is coming in too close. 

[Ray Hage]

Hi, it sounds like the eviction process is 99% complete but I would still just postpone the closing till they move out. Let the current owner finish dealing with the situation and it if takes 7 or 10 or 20 extra days, then just be patient and wait if the deal is good. As an investor, I have inherited some bad tenants but that's where the money can be made...Renovations and a great tenant will help you almost forget about the nonsense before.

Of course, you'll want to do a walk through for extra damages that the tenants might have left behind.