I have been talking to a landlord who seems to be motivated to sell. He said he has horrible tenants who're behind on payments. He says there are about $1000-$1500 in owed taxes. When I ask him about seeing the property he says the tenants wont let me inside or even in the backyard. I ask him if he's tried to evict them and he kind of beats around the bush. Do you guys think I should move on or find out more?
Never hurts to find out more.
I'd like you to find out more because now I'm curious. I feel like I've had the trailer and now I want to see the rest of the movie.
I'm going to keep interacting with him in hopes to find out more. I'm not going to lead him on or anything but it can be a good experience trying to get info and learn about a property.
This sounds like an interesting situation. Just how motivated is this seller? What is the status of his lease with the tenants? If he's really motivated and he knows you're serious, there should be no issues with showing you the lease. If it's a standard lease agreement, there should be a clause for failure to pay rent. In Virginia, you don't need to go through hoops to evict a non-paying tenant (assuming the place is in VA). In any case, good luck and do please update us on how it goes.
I think he may be friends of the tenant's and doesn't want to evict them. I think he hopes someone buys and holds and then decides whether to evict them or not. He said "we're friends..well, not friends but more like acquaintances...not even that. I don't care what happens to them". I was looking at wholesaling this deal but we'll see what other developments come from this.
I might be interested in the property. Is it in Alexandria?
If you are able to acquire the property, you may be able to add value by clearing up the taxes, evicting the tenants and making needed repairs. There isn't a way to do that without actually owning the property.
Right now the owner is looking for a cash buyer willing to take on these problems. That isn't a very big market and you aren't likely to have much more luck than him wholesaling it.
Sounds like something is not right. I f he's treating you this way then he will treat other potential buyers the same way and you need to be the buyer that keeps pushing to get a deal, if it's a good deal. The others will quit early on.
I would find out of there have been any criminal complaints at the property recently.
The tenant can not keep the landlord from inspecting his property with proper notice.
Who knows, maybe there it's a meth lab.
Have you talked to any of the neighbors?
Good luck and don't give up on him.
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