Working on a deal for a duplex. Seller has no leases with current tenants, no security deposits, and will not supply copies of license and inspection reports. What so I do?
Are you under contract with him/her? If you are not under contract then they might not want to waste time with tire kickers...
As far a no leases that sounds like a bad thing waiting to happen. If it were in Montana I would look at it as a great opportunity to get a discount, but i do not know the laws in your state.
Just walk away.
There's another deal with sellers who really want to sell just around the corner.
What kind of license is required? Why do you need an inspection report? You can get your own. This is a crappy situation so if this person is trying to get full retail value then ya, not deal. But sometimes a whacked out seller like this might not be able to unload the place so if you're talking a substantial discount it could very well be worth it.
@Loren Frey This could be a great opportunity or bad experience waiting to happen. No lease contracts or security deposits from current tenants aren't totally bad. If you can have the seller agree to a price that works for both of you, get the property inspected and whatever comes up as a negative should be discounted off the price. The tenants, if you chose to keep them, will have to be under a lease contract and give you a deposit. If they refuse then they should move on.
If the property has too much issues just look for another great property. Best of luck to you!
thanks for your input. I already baked on this deal
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing