Updated over 4 years ago on . Most recent reply
NJ - Bad tenant, Eviction and Moratorium
Hellp BP peers, hope you all are well.
I recently closed on my first duplex rental property in Paterson,NJ which I was in contract from Oct 2020. The initial deal involved the removal of tenants from both the units, but the seller was not able to remove in-spite of several attempts.
After waiting in hope for the tenants to be removed, once we knew it wasnt possible or we will lose the deal, I assumed the risk and asked for a 10,000$ credit towards the property (which i got). The property was appraised 30k more than my purchase price, so i guess got a good deal or made a bad mistake inheriting the bad tenants.
To my surprise one of the tenant is paying rent, but the other tenant situation is complex. He is disabled and not employed and says he only gets 400$ in food stamps to support his family. I have applied for NJ assistance but I am not sure if i should wait for that money, as it has to go through lottery and stuff.
What would be the best solution for my problem?
- File eviction (when moratorium is lifted will my court hearing come soon? )
- wait and get the assistance money and file eviction around January once the moratorium is lifted?
- do cash for keys option