Should you buy a property that already has a tenant?
We have represented and continue to represent many landlords and investors who purchase homes with existing tenants. In our experience, buying a property with existing tenants can be a great idea for some.
Many of our clients are real estate investors and have factored into the purchase price the cost associated with an eviction. In fact, many have weighed these factors well in advance of buying the property and actually end up getting a better deal because of the existing tenants. They normally won’t buy the property with existing tenants unless they are getting a very good deal. There can be additional advantages to buying property with existing tenants. For example, you may be able to generate instant rental income.
Starting an eviction action against an existing tenant after the closing can be tricky – to say the least. This can really be difficult for new landlords and investors. It can be virtually impossible to obtain the names of the existing tenants. This alone can complicate the eviction process. Many new Landlords and/or investors end up losing time and money trying to evict problem tenants that are allowed to remain in an apartment after the closing.
Therefore, you need to carefully consider several factors before you decide to purchase a tenant occupied property. Your knowledge and expertise when it comes to evictions is not very important. However, it is imperative that you hire a knowledgeable and experienced eviction attorney.
Call (516) 858-2620 for Landlord-Tenant assistance.