Hey everyone. I'm working with a gentleman who owns 70+ single family properties, most of which are occupied by tenants with lease options in place. He is looking to sell the entire portfolio and retire, and he is offering it at a price that i believe would work as a wholesale deal. Does anyone have any tips on inspecting, assigning/double closing a portfolio of lease option properties? Any insight is appreciated!
Hello Corey! In your contract with him to purchase just have a clause in it that allows you to sell during the Lease time. As long as he will be paid his full price upon your reselling closing. I would get his permission before he signs the purchase agreement to help yourself. In other words, don't surprise him even though you might have legal ability to do that.
I would have all properties inspected by an experienced home inspector that is licensed. I just listened to a home inspector manager who is nationwide and responds quickly and looks at the inside of all units too and not very expensive. They may see something you don't. They are called Amerispec.
Good luck to you!
@Michael Lewis Lee You misread the post....the properties Already have lease options to the current tenants....he’s not offering lease options to the new buyers..
Hopefully he is doing some kind of Owner Financing which is typically more flexible.