All Forum Posts by: Bharath Janakarajan

Thanks a lot Jon, this helps.

Hi All,

I am in contract to buy a 4-unit building in NJ that currently has tenants. All of them are on lease. I was hoping to get the property vacant since I believe there is more upside. Isn't it not possible for seller to advice the tenants of the sale and give the tenants a 30 to 45 day notice to vacate. Can it be not be done if renters are on lease?

Also, if I acquire the tenants, is there anything I can do to protect myself from any possible future issues (non-payment, verbal promises made by the former owner etc).

Thanks in advance.

Bharath

Hello pros,

I am in contract to buy a short sale "as is" property in central Jersey. During inspection, we discovered there is an abandoned oil tank and soil contamination. The realtor is saying we can get a price adjustment but a soil delineation/ground water testing has to be carried out for me to come up with even a conservative number to protect me. The test costs around $4000 which I am not prepared to spend. The property has a lot of potential but would like to protect myself from possible extreme remediation. Any thoughts/ideas to make this deal work or should I walk away?

Thanks,

Bharath