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Updated about 4 years ago,
COVID-19 Sticky Tenant Eviction Situation
I have an issue with an investment property in NC that I am in the process of purchasing (50% of market value, yay!). There are reasons why I am getting this property so cheap; the tenants are impossible to deal with. The tenants originally had the owner sign a "rent-to-own" contract that they wrote themselves, in which they haven't paid the landlords now for over two years. They are now under the impression that they own the property so they are impossible to deal with. I am willing to take on this risk and have them evicted and begin a renovation on the property and resell it as a flip. The hard money loan that I am getting requires a full appraisal. So this brings up two questions I have:
- Can I evict these tenants, even with the COVID protection acts due to them not paying the previous landlords pre-COVID?
- What can I do to secure this loan? There is no way the tenants will let the appraiser in. The loan requires a full-appraisal so I am unsure how to move forward? Are there other loans options that might be better for securing the funds quickly? Closing is set to be in 2 weeks.