I'm in contract to purchase a OOS, long term, buy and hold investment property from a wholesaler. Its 2 homes on the same lot. One is a 3 bedroom 1 bath the other is a 2 bedroom 1 bath. Asking price is 55K. One home is on an annual lease 675 per month. The other home is on a month to month lease at 575 per month. My first question is, how much pressure do you guys typically put on wholesalers to obtain current copies of the lease and provide them to you? In this case, the current owner takes care of the water bill as well. So would you also ask for proof of what the water bill has been on a monthly basis? My long term thoughts are to buy the property cash, and do a cash out riefi since the current estimated value is significantly higher than the asking price. It seems as though the owner is just hard pressed for cash at this time pe. Considering that is my strategy, is there anything you would recommend I pay particular attention to at this time? This would be my 1st Time using this type of strategy with a purchase. Thanks in advance for any advice you can provide.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you