Buying a property with a current eviction
Hello BP!
I am new to REI and have found a property that has great investment potential. However I have learned that one of the current tenants is currently facing eviction by the current owner.
Any advice on liabilities, move forward strategies, or anyone have any personal accounts of this and how it was handled. I’m looking for anyone with any experience in this area to give me the pros and cons of this situation. I’m not just looking someone’s vote to cut and run, but instead what are the opportunities I might be able to take advantage of, if any, for this type of scenario.
Lastly - I do not have any specifics of why, where they are in the process, or what they expect the outcome to be. So if there are any great questions to ask that don’t step over boundaries, please advise.
Best, J
Most Popular Reply
Brian Garlington
- Realtor
- Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility
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1. I’ve dealt with this and I’ve done one of two things.
A. Make it a condition of closing that unit is delivered vacant and in a rentable condition that both buyer AND seller agree to.
B. If the seller balks at this Contingency ...simply find a different property to buy. There’s more out there my friend.