Investor · New York, NY · Member since 2017 · 40 posts · 5 votes
I found an interesting property, which is a 4 unit multiplex. I contacted the agent and requested some information about the property. She mentioned that the place is currently fully rented out, which in my head, is a great thing.
After we conversed a little more, she asked me if I was planning to do renovations on the house, stating that the house was in good shape, but the tenants "are a little sketchy" and now would be a good time to evict them all, renovate and get fresh tenants.
The vacancy rate is lowish - but I'm not too sure, I want to do my due diligence on what she said. But evicting tenants, renovating and getting new ones sounds like an expensive process. I don't own anything yet and this is my first foray into buying rental property. What would you guys suggest? Should I just move on from this?
Vendor · New York, NY · Member since 2017 · 217 posts · 88 votes
9y
I would go back to her and ask what prompted her intuition that these individuals are unkindly. If you can squeeze some more months out of these guys, it might be wise to do so but if they are indeed a bit sketchy, it probably just makes sense to evict, renovate, increase rental prices, and wait for someone you're more comfortable with.
Vendor · New York, NY · Member since 2017 · 217 posts · 88 votes
9y
I would go back to her and ask what prompted her intuition that these individuals are unkindly. If you can squeeze some more months out of these guys, it might be wise to do so but if they are indeed a bit sketchy, it probably just makes sense to evict, renovate, increase rental prices, and wait for someone you're more comfortable with.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
9y
Check the county/city crime reports for the past year... check if there is anything tied to your block. You could also have them officially apply to you and do full background checks, and if anything comes up, kick them out on that grounds. It'd be dumb imo to evict based on 1 persons opinion.. go off the facts.
Vendor · New York, NY · Member since 2017 · 217 posts · 88 votes
9y
How about before all of that, just talk to them first and have a normal conversation, get a feel for what they do and how they are treating your property; and then make a decision.
Durham, NC · Member since 2013 · 502 posts · 215 votes
9y
First course of action. Don't believe anything without verification what the seller's agent says. The seller's agent works for the seller, hence the name. It is a strange statement to make. Either the agent is seriously unqualified or the tenant laws in NY actually do allow an eviction at change of ownership. In most jurisdictions you have to honor the rental agreement in place. Once the agreement expires you are free not to renew.
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
9y
What are you going to evict them for ? You are just not allowed to evict a tenant because they are a "little sketchy".
You are not going to be able to evict for lease violations or even rent not paid that occurs before you own the property. Additionally, you cannot force them to re-apply assume there are leases in place. You are bound by the term and language contained in the lease