All Forum Posts by: Tina Caroll

 Yes and no.  We don't need the rental income (assuming they accept our offer, which is less than ask obviously) but if he makes it difficult to renovate by calling the DOB or sabotage, that's going to be an issue.  Also, we would obviously rather renovate the entire building at once instead of doing everything EXCEPT his unit while we wait for him to move out (permits and costs will add up doing it twice.)

This made me LOL, I'm probably an awful person.

To my credit, I am an extremely customer-centric type of person and am extremely non-threatening (my husband is the bad cop, I'm the good cop) and we are *hoping* that he's just acting this nasty because he's so angry at his sister but would maybe be friendlier to us. I am concerned about his son, who I think is probably driving this whole situation more than his elderly father.

You guys are making me feel better. This is an emotionally tough situation and no one wants to toss an old man onto the street, but you are right to say that he's made his decisions and has been living for free for something like 45 years.  

We want to renovate the whole building and convert it into either a single family or an owners duplex and a rental (the one that he's residing in.)  We would be the other "tenant" in the building, but there is a fear that he would make renovations basically impossible during the time that we're trying to get him out.

 HI Steve-

I wish we could do this (and I agree, it's the right thing to do!) but that would mean the owner could seriously jack up the price which we obviously dont want. The reason it's a stellar deal is because of this issue- if they deliver vacant, it's easily worth 2-3x more.

I totally agree though, it's sad that a family is doing this to each other.  He claims he's entitled to half of the sale of the property which is why he's not leaving, she says he's out of luck... kind of heartbreaking, but *someone* is gonna buy it so it mind as well be us...

 Thanks for the story! This tenant actually moved in his son (who is in his 50s) and I imagine would fight saying that he is rent regulated, even though he is not.  Unfortunately, neither me nor my husband speak his language so we would actually have to hire someone to try to negotiate with this guy.

We're concerned about making a buyout offer to him pre-closing because he may actually tell his sister, who could then renege on the deal and deliver it vacant at ask (it's only priced this low because of all this family drama and the condition that the building is sold with him in it.)  They seem to be at odds, but if he finds out we pay him off for, say, $20k and he's going to move out, she would be smart to raise the price to full market which is double or triple what it's listed for now.

 Just out of curiosity, is $700 the legal stabilized rent or the preferential rent? I lived in a stabilized apartment for 5 years and my rent was $1250, although it was considered a "preferred" rate and my legally allowed rate was almost $1900 (the apt was worth around $2200 at market.)  When I moved out, they upped the rent to the full $1900, so if you plan on making enemies with your landlord and you have a preferential rate, that's something to consider.

 We have not approached the tenant as we were told by the seller's agent that he refuses to speak to anyone.  I agree that a buyout would be the easiest way to go, but I'm afraid that he's so bitter that he won't take it.

One sibling was on the mortgage and the deed and the other was not.  It's not pretty.

Long story very VERY short-

My husband and I are interested in purchasing a property for renovation. There is one current tenant who doesn't want to move.  He is not rent controlled, is a sibling of the owner selling the building and is in his 80s, not in great health, doesn't speak English and is illiterate in his native language. Legally, we could evict him as he is not and has never paid rent, but it does make me feel kind of yucky. 

Would you do it?