Newbie Question-Does having a tenant affect a wholesale deal?

3 Replies

Looking at my very first inquiry from my very first online ad. The seller is "quietly" motivated and wants to sell a house that he rents out. It was his first house and now he has the property he lives in too. The 2 mortgages are affecting his credit and he wants to unload the first house.

In all my researching of wholesaling I've yet to find out how a tenant affects the transaction. Does it even make a difference if the property to be wholesaled is currently a rental?

Any direction for this would be greatly appreciated! Thanks!

@Barclay Hallowell ,

I think the only significant thing you have to be concerned with is the current lease.  If it changes hands the lease will have to be honored.

It's also worth mentioning that incumbent tenants tend to be less desirable than newly filtered and vetted tenants who pay market rent.  Long term tenants of an unwanted property tend to carry with them problems for the new owners to solve.

Best of luck!

Cheers,

-Sam 

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