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Updated over 13 years ago on . Most recent reply

User Stats

261
Posts
71
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Jim S
  • Real Estate Investor
  • Virginia, DC &, MD
71
Votes |
261
Posts

Need help with REO Multi

Jim S
  • Real Estate Investor
  • Virginia, DC &, MD
Posted

Looking into what seems to be a good deal. I have always invested in single families so a multi unit REO with tenants is possing some issues.
The building is a 4 unit and it has been on the market for about a year. The bank is now motivated to unload the property. The agent has zero info on the building and the exsisting tenants have declined showings. The agent has no idea if the tenents have even been paying rent in the past year or anything about leases.
We are worried about establishing any info on tenants if we buy the building. Basically without a lease how would we go forth with the tenants? I understand we would have to give them notice and try to sign new leases but they could play hard to get.
Seems like a big, black hole.

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