Has anyone done a wholesale deal where there was a tenent involved that was on a month to month lease?
Having a tenant involved doesn’t change much. The new owner will either let them sign a long term lease or have them move out. I think the buyer may be a little cautious and want to make sure the tenant is willing to move out if asked.
thanks for the reply,
I am new to this and I wasn’t sure if the house had to be vacant. With this type of property should I target landlord investors only?
I think you should always target as many buyers as you can. Yes, make an effort to look for landlords, but you would want to do that even if the property was vacant.
Its a bit more complicated than that depending on the leasing laws in your area. In many areas the tenants have what are called tenant rights, which means that their leases carry over to the new owner regardless of the terms.
If you do live in an area like that be sure that you get a copy of the current lease and include in your offer that the seller is to turn over any existing leases within 3 days of an accepted offer. Then I would have the current tenant sign off that the lease is indeed theirs
the last thing you want to do is end up with a home that the tenant rents for $100/mo and it costs you $1000. I have heard of this happening