Deal with old owner on a property I bought in the auction.

6 Replies

Hi everyone!

I recently bought a mixed used property in the Sheriff auction and the owner of the retail store is the former owner of the property.

Would it be a problem if I keep him as a tenant or it’s better for me to replace this tenant?

Thanks in advance!

@Jacob Schwartz

If (s)he owns the property and lost it at auction, there has to be a reason why they stopped paying. You can decided to work with them or not. I’d personally cut them loose and start over... save yourself a headache.

Kick them out asap to prevent further problems. They will not be a reliable tenant. You will regret allowing them to stay even temporarily. You will have a problem getting them out if you wait. 

Unless the property is located in a area where there is no vacancy and there is a great demand for commercial space, never rid of a paying tenant.

The past has no relevance. If he is willing to sign a lease and comply, keep the tenant.