Good Evening all,
My agent wants to show me 3 properties all owned by the same owner that already have tennants in them. The properties are not listed for sale because the current owner does not want to disrupt the tennants. They are all SFH. Has anyone ever dealt with this? If so are there any reasons to shy away from a type of deal like this? Thanks
@Michael Weis - I bought 4 like this last year. It's wonderful not having to bid against other people on the MLS and to be able to vet the deal on your own terms and negotiate directly with the seller. As much as I love doing the value add, if I can keep buying properties with the margins I did on that one, I'd never do another renovation again.
@Michael Weis this is the absolute best way to do deals. The process for closing and negotiating is much easier.
@Michael Weis - This is usually what is meant when people talk about pocket listings. A deal that a realtor can keep and find investors to buy properties that never reach the market (MLS). This can be very rewarding to all parties, and competition becomes less. As long as your numbers work out for what you are trying to accomplish, I would say this is a great opportunity. Good luck!
I recently bought an off-market property and leased it back to the seller. It was the perfect SFH buy and hold deal I've done. Now if I could find about 10 more of these. :)