Updated over 3 years ago on . Most recent reply
inheriting Covid tenants
Under contract with a 3 unit that has tenants that weren't paying during covid. they are all month to month and the building currently has some violations on it. Also, the rents are ALL well under market rents(almost halves) for the area and the current owner claims to be sick and too old to deal with any removal and just wants to be done with real estate so I cannot ask for empty property upon sale. Asked for 20k on price reduction in lieu of evictions. Will try cash for keys but doubt as to the rental market here is as tight as the housing market.
My plan is to renovate and push rents up to market rates but not sure if inheriting these tenants will be worth the headache.
Looking for advice from anyone experienced in Mercer County (Trenton) NJ with evictions in this current climate.
any eviction attorney anyone can recommend?
Most Popular Reply
I'd be one of those investors walking away from this one in NJ. You will collect zero rent from 2 units and there will be considerable legal fees to evict, moratorium or not. 20k is not nearly enough. If you move forward get Estoppel certs for the third tenant. All the best!