BRRRR currently occupied with tenants
Looking at a BRRRR with tenants leased till end of July 2017 in a college town and in a solid rental neighborhood. So would need to get tenants out and have enough time for rehab, releasing, and occupied by August. Given this timeframe I would likely try and structure the deal as follows.
- Deal is contingent on tenants leaving May 31st.
- Closing will be 3-7 days after tenants vacate.
- Offer tenants full security deposit and half months rent to terminate lease.
- possibly offer discounted rent to release in August.
- Contingent on financing.
Obviously there are a lot of details left out. What are you thoughts?