Hudson and Marshall - Occupied Property
Hi all, i've never bidded on a cash only/occupied property and i'm looking for a little advice. I did a drive by the house and it appears there are still people living there and the auction is set to start in two weeks. If I won the bid, what is the process to get them out? Is it a normal eviction process? I read on other forums $500 cash for keys? i've never bought a property site unseen. What do you plan for? Assume the worst? Mold? Foundation problems? ARV is probably 170K.
My dad knows a relative of the people who are in the home so i'm tempted to pick up the phone and feel them out (see if they plan on staying, condition of the house, etc).
Thanks!
Most Popular Reply
Personally, as someone who has been doing this for 27+ years I would not buy in this scenario unless I was buying at 10-20 cents on the dollar
All of the "what ifs" you mentioned are possible as well as many many more. While there are threads on BP regarding "Cash for Keys for $500" there is also a thread "Occupants from Hell" where it took an experienced investor more than 5 years to get someone out in a similar scenario
If you do have a contact with the occupant, you should explore it and see what type of agreement and prior access you can gain. This could be a huge advantage and might work out in your scenario. But keep in mind that the occupants are probably living for free at this point and people tend not to give up free easily :)