Inherited Tenants on Seller Financing Deal
Hello BP!!
My wife and I are in contact with a seller that is a previous investor and is off loading his properties. One of them is a duplex in Waynesville NC. One tenant has been there for 10 years, and the other just recently got there. Both leases expire in July. This would be an owner financed deal with a balloon payment probably 10 years later.
It's been difficult getting a showing scheduled because the tenants don't want the property sold and they've been making it difficult. Otherwise, the seller said they've been great tenants and pay on time every month. My thought is that they're just nervous that they'll be forced to move or that their rents will go up. Since we plan on house hacking it, we would let one of the tenants renew if they choose and their current rent actually works great for a house hack. I think we have a way to solve the seller's problem by buying the property, and we can solve the tenant's problem by letting them stay there and not raising the rent.
Would you feel nervous about inheriting these tenants? Do you think we're taking too much of a gamble with what we know? What other questions should I be asking?
Most Popular Reply
@Brandon Allenczy If I could not see both units I would go find another deal. There could be anything behind those doors especially with seller financing-just sayin'. All the best!