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Hey Leonard Washington, what a lonely thread. I'm here since nobody responded ...so maybe one of these discussions will help:
More suggestions...
Fingers crossed that one of those helps you.
Bump
Does the tenant actually have an interest in being bought out? Or are you trying to hire someone to shake it loose?
Does the tenant actually have an interest in being bought out? Or are you trying to hire someone to shake it loose?
Shake it loose. I recently read the book “Never Split the Difference” and thought if this guy can negotiate with kidnappers to release hostages without paying a million dollar ransom, there must be someone who can convince a tenant to take a $100k to move out of the building or even 10’s of thousands to simply move to a different unit within the same building.
IMO, it seems to me that tenants often reject buyouts not for dollars and cents reasons, but usually because of a psychological or emotional attachment: they’ve lived there a long time, they raised their kids there, they are resistant to change, they don’t like the idea of the building owner getting their way, etc.
Bottom line, there are multiple tenants in any given building all with their own psychological baggage and I think an expert can recognize each personality profile and pivot accordingly to break through and reach a deal. I also it would help for anyone but the owner to be negotiating the deal.
Going to toss a few things in here-
If you are dealing with tenants in the tri-state area; there are some vary intense tenant protection laws. Tenant buyouts are part psychologist/lawyer. It is also not smart for anyone other than the owner to negotiate in these situations. Also, NY is a one party consent to recording state. Smart tenants will be recording you on their phones as all tenant lawyers will advise them to do (if you are smart; you will be as well). If you are an owner who isn't experienced/doesn't knows everything you say can and will be used against you; get a management company with experience in that area.
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