Got a deal, but - home has a tenant!

Comments(10)

• 
  schallerp14th May, 2003

  Quote:
  On 2003-05-14 12:13, Askasalesrep wrote:
  Have a good deal here.
  
  Owner calls with a home that is a
  2bdm, 1 1/2 bath two story, built is 2000
  original sale price was 116k and the current appraisel is 127k, Owner is behind on payments to the tune of $3800, payments a month are $950.00 including taxes and insurance. I can cash flow the property at 1150.00 a month and I'll be coming in with equity already.
  
  
  Nice home looks brand new. Owner will deed me the title, he only wants to walk away and wants this property to be out of his hair once and for all. (my kinda guy!)
  
  The only problem is, he has a tenant in the home, he has drawn up paper work to give the tenant a 30 day notice and at that time I will take over the property.
  
  Is this a good thing to do or should I consider another option. Please help!!
  
  
  We will be signing the option to purchase paperwork on Saturday. Thanks
  
  
  Askasalesrep
  steve@askasalesrep.com
  
  
  Me confused on this. If he owns the place and has a tenant, are they paying? Sounds like they aren't or he wouldn't be in this situation.
  
  Does he have a rental agreement or something with the current resident?
  
  If he has none of the above, tell him that you will take the house once they are out. If you take it while they are in, it could be an issue. So tell him to get the tenant out and you will take it.

• 
  JohnLocke14th May, 2003

  Askasalesrep,
  
  Steve, I have taken over some properties with the tenant still on premise.
  
  I ask the owner to set up an appointment for me to view the property. I take my digital camera with me and take pictures inside and outside, this way I have a record of the condition of the property and also make a record of what is staying with the property. This puts the tenants on notice you are aware of what is happening with the property.
  
  At this time discuss with the tenants what your intentions are with the property. You may already have your buyers in the house. However make sure you have the Deed before doing this or the tenants may try to make an end run on you.
  
  Good investing on this one.
  
  John $Cash$ Locke

• 
  JohnLocke14th May, 2003

  schallerp,
  
  You don't suppose he was pocketing the money from his tenants do you.
  
  He is in trouble, this would not be un heard of. Why would you remove the tenants when they could be the Buyer?
  
  You can have the tenants move out after the purchase if neccesary, I would be willing to bet the tenants have paid otherwise he would have evicted them.
  
  John $Cash$ Locke

• 
  schallerp14th May, 2003

  See I thunk too fast on that one. You are correct on what he could have been doing.

• 
  Askasalesrep14th May, 2003

  Thanks Schallep and $CASH$,
  
  Yes, the Tenant has been paying but the owner is in trouble and has been pocketing the cash.
  
  I will do just that John.
  
  
  Thanks again.
  
  Askasalesrep
  steve@askasalesrep.com

• 
  JohnLocke14th May, 2003

  schallerp,
  
  No problem, it is good thing that people have different views this is how we learn.
  
  John $Cash$ Locke

• 
  JohnLocke14th May, 2003

  Askasalesrep,
  
  My crystal ball works everytime.
  
  John $Cash$ Locke

• 
  hrash14th May, 2003

  Askasalesrep,
  
  sorry to jump in ... but I was wondering if this is a 'subject to' deal?
  
  I am reading up on the 'subject to' ... trying to learn

• 
  Askasalesrep14th May, 2003

  Yes, this deal will be done subject-to. Keep checking this post I will follow up with the details and how the deal comes together.
  
  
  Askasalesrep
  steve@askasalesrep.com

• 
  Askasalesrep12th December, 2003

  I finally got the home after much work...
  
  I was able to have the tenants purchase, and they did it in 6 months.
  
  I love this business!!