Buying a property with pending tenant evictions

4 Replies

Hi all 

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?

@Eileen Smedley

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 .