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Buying a property with bad tenants
Hi all,
I'm new to investing and saw a 4-unit property this week. I like it and the numbers look decent.
Pro Forma is 7.21% and CoC ROI is 10.04%.
However one of the tenants is late for rent ($1,000 in late fees this year), a smoker and their unit is hard to even be in. It's the biggest unit of the 4 with the highest rent.
What can I expect with this tenent? They are month to month. What is the etiquette in evicting? Sorry to sound cold.