I'm evaluating at a multi family with 10 units, 2 of which are occupied by tenants that are not paying rent. The seller says they are in the process of evicting the tenants, but I do not know how far along in the process they are.
I like a lot of the other aspects of the deal but I'm not sure how to approach pending eviction issue. To be honest, it's a little bit scary. On the other hand, I feel like I could use it to my advantage to get a better deal by helping the seller solve his problem.
Any advice on how to think about or handle this issue?
Hi Brad, Did you end up purchasing this property? How did it turn out if so? I am in a similar situation right now.
That deal ended up not going through. How did your situation turn out?
Interestingly enough I am in the same situation again right now, but I have agreed with the seller to wait until the eviction is over which should be end of this month.
I would research the eviction laws before I made the deal. Because of the insane eviction laws, coupled with the covid moratorium, I wouldn't touch anything with a deadbeat tenant or pending eviction in Chicago. Right next door in Hammond IN is a different story.They're very landlord friendly.
Thanks for the follow up. We decided not to proceed with the deal. The sellers refused to wait until the evictions were complete. However, I keep encountering the situation with tenant occupied properties, no leases and not current on rent. I need to get a strategy .