Updated about 5 years ago on . Most recent reply
Buying with tenants in place
On podcast 10 Deadly Mistakes Real Estate Investors Make with Brandon and David from May 29th. Mistake #8 they said that buying with tenants is place is a big mistake.
I’m looking to make a 112k purchase, the tenant has been there for 7 years, currently paying 950$, from what I know it’s a single mom with kids. The seller manages herself but lives out of town, seller was originally living in townhome (good rental turnover complex) and then decided to rent it. Until her kid would go to the university in the same city. The sellers kid is no longer planning to go to this college. So she wants to go get rid of it.. the last similar townhouse sold for 119k, and seller said she is selling it cheaper because she wants to make sure for new buyer to keep tenant. If I purchase townhouse, I was going to do a new least for 1000,.... is it a good idea to purchase this property with tenant in it already?