Buying an occupied building to renovated! Your strategy?

[Sabra Nasri]

Hi everyone,

I was wondering if anyone had dealt with purchasing an occupied/rented property and had to vacate existing tenants to renovate?

(Tenants are month to month and very under market)

We are located in NY and with the current situation and restriction on evictions we are afraid it could take years if tenants don’t cooperate or can’t relocate easily. That would be make this project not worth it.

Any insight? Ideas? If you did cash for keys how much did you give? Any other hurdles we should know of?

We are in the negotiation phase but are trying to do as much homework as possible before committing.

Thank you in advance! 🙏🏼