Posted by Bill on August 04, 2003 at 19:46:23:
Some areas have whats called “Multi family crime free programs” that are run by the local sheriff or police department. They can be a big help in dealing with crime in your units.
Also, I would include a clause in my offer for the seller to deliver the property free of the drug dealers by COE subject to verification by you.
Drug dealers in your investment property??? - Posted by Jay (NY)
Posted by Jay (NY) on August 04, 2003 at 15:53:49:
Hi,
I was offered to buy a few multi family apartment buildings in a low neighborhood, the numbers on the deal look great, but i was told that some of the tennants may be selling drugs in the buildings. I was also told that the police department or DEA have the right to cease the buildings if the landlords allow those activities to go on. My question is, does it pay to buy if it will give very nice cash flow? also, if they are dealing in drugs, how do you handle that as a landlord? hire armed guards :)? i don’t wanna find myself in a war. any ideas or tricks? anyone had experience with this problem?
Thanks in advance 
Re: Drug dealers in your investment property??? - Posted by ray@lcorn
Posted by ray@lcorn on August 04, 2003 at 16:56:21:
Jay,
We all have to decide how many and what kind of problems we are willing to take on. This deal is one I may have taken on in my younger days. It’s tough to change neighborhoods.
If you were to take it on, I’d start by contacting the local authorities and find out the real story. Don’t rely on rumors or a streetcorner rundown. If this is the case and if you do decide to do the deal, my understanding is that this puts you on record as being aware of the problem. If you allow that problem to persist, then the property can be subject to seizure.
But I’m not a lawyer in your state (or any other state). Again, get the facts straight from an authoritative source. Know the rules, and your rights. Don’t guess, there is too much at stake.
ray
Re: Drug dealers in your investment property??? - Posted by IZZY
Posted by IZZY on August 04, 2003 at 16:38:06:
Hi why dont you do this:
If the current owner has evidence of drug dealing, that should be ground for eviction, right ? So have the current owner begin the process of eviction right now, and as soon as the mutants are evicted, then you can come in and buy the property.
Or buy the property, and if you have evidence of criminal activity, move to evict immediately. You can do this yourself without waiting for the current owner to do it.
You may eventually see if you can obtain a Restraining Order to keep the mutants away from your property.