Want to buy this MF, so do current tenants...
Hi BP!
I've been chatting with the owner of a 3-family property interested in selling off-market. He has a set of "wonderful" tenants in one of the units who want to buy the place, too. I just found out today that they were approved for a loan, but they feel the down payment is too hefty for them so they're not planning to move forward.
Now I'm wondering if there might be a way to partner with them on the deal and have it work to the benefit of both of us. Assuming they are upstanding folks whom I'd WANT to partner with (to be determined), does anyone have ideas or suggestions for structuring a partnership with them wherein we co-own the property and both reap the benefits for less money down each (because we'd be splitting the down payment)?
A little more info: I'm interested in this place as an investment (not as a residence for me), and I would be managing it remotely, likely from the opposite coast. So having partners with "feet on the ground" might be helpful?
Thoughts? Thank you!!
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James Wise
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James Wise#4 All Forums Contributor
#4 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Do not partner with the tenants.
I repeat....DO NOT PARTNER WITH THE TENANTS.
For the love of God. DO NOT PARTNER WITH THE TENANTS.