Jacksonville - Squater House

[Erik K.]

I just purchased a house for a great price and now I know why.  There was a tenant in place that didn't know the house was being sold out from under him... or so he said.

When I previewed the property the tenant was there and told me about the necessary repairs.  He was a great help in outlining what needed to be done as he had rented the property for 4 years.  This guy had quite a collection of interesting artifacts and I knew it would take come time for him to gather all of his belongings so I asked when he could move.  He said he "needed a few days".

So after closing I found that the owner didn't have a key to the property.  Not only that, there was no lease in place and the tenant had been paying him cash for 4 years without any documentation.  When something needed to be fixed the tenant repaired it and deducted the cost from his rent.  

So now I told him I was eager to get my crew in to begin the renovation and asked how long he needed to gather up all of his things.  He now said he needed at least 2 weeks and that he was having trouble finding a place to live.  The excuses went on and on and on....

Being a generous investor I granted him the 2 weeks but I don't believe it will be that easy. So fellow Florida investors and property managers my question to you is what is the best approach here?  I really don't want to go the cash for keys route at this stage and want to make sure this doesn't drag out.

Here is my strategy for handling this situation.

1. Send the tenant a Notice to Quit

2. Offer to rent the property to the tenant for fair market value ($325 a month increase)