I have a property I’m going to put under contract and assign to another investor. But, I talked with the owner and he has a tenant in place and he said that the tenant doesn’t want to move.
Has anyone on here wholesale a property with a tenant in place and the end buyer was ok with it?
What should I do?
Just sell it with the tenant, let the new buyer worry about it.
I got this junker from hell on contract for $10,000
The seller was a sweet old Mexican lady and her husband recently had a stroke. They lived 5 hrs away. Her tenants had been there since Reagan was president, they were only paying $200 a month cuz the house looked like a shack out of Oklahoma during the great dust bowl.
This lady was too nice and didn’t want to evict the tenants and I told her not to worry, I would have the new buyers do it.
The investors that looked over the house had a lot to say, and none of it good. Finally a farmer agreed to buy it at 12K for his college son to get him started investing. He said he would evict the renters and have his grape pickers remodel the house and then rent it to them.
The funny thing is, I met this farmer a year later on another cheap house I was selling. He told me he never got around to doing any repairs on that house and the original tenants were still there and paying their 200 buks a month like clockwork.
So, sell it, deal with it, figure it out, Rando
Thanks very well said. I will definitely do that.
You simply change who you market the property to. Rather than looking for homeowners, change your focus to investors. Any buyer is going to have to honor the lease agreement. Your best purchaser will be someone who is looking for an income producing property.
This means that before putting the property under contract, you will need to do a little extra number crunching to make sure that it is a cash flow property. Once you do that, you shouldn’t have any trouble.