Wholesale with an eviction?

2 Replies

I found a property that should be a steal, but the seller has a tenanat who stopped paying rent the previous month. Should I still lockup the deal or sell the property as is?

How much of the price should it affect?

Should I help out with the eviction or wait and move on?

Originally posted by @Justin Fernandez :

I found a property that should be a steal, but the seller has a tenanat who stopped paying rent the previous month. Should I still lockup the deal or sell the property as is?

How much of the price should it affect?

Should I help out with the eviction or wait and move on?

 So there's no reason not to move on it. Plenty of (cash) buyers would be open to such a deal provided it's at a steep discount. The issue you'll run into though is that most hard money lenders will require a physical inspection and/or appraisal which will require access to the unit. If you can still get access, there's probably plenty of room to get this at a steal.

I would add the cost of eviction on top of the cost of the rehab necessary. Now how much should the eviction cost? Maybe a few thousand dollars? Probably less if you can actually have a conversation with the tenant, then there might be room for a cash for key situation. I wouldn't help out with the eviction, at least not until after settlement. There's little stopping the seller from no longer selling it if you solve their problem for them, especially if you can't find a buyer willing to close on the deal.

Cool, thanks bud.  Now if only the seller was easier than the tenant! Oh well, money is money. Wish me luck!

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