Wholesaling deals with holdover tenants

Wholesaling deals with holdover tenants

Real Estate Agent · Hudson Valley, NY · Member since 2012 · 63 posts · 14 votes

Hi everyone,

I found a motivated seller, and most of the aspects of the potential deal work for me and for the seller. One tricky situation, there is a squatter in the property (licensee holdover to be exact). 

I'm going to see the property in a few days, and if I can come to an agreement with the seller, how much trouble will I have finding an end buyer now? With the moratorium in place, end buyers might be turned off by this.

I'm familiar with the cash for keys strategy, but aside from that, is there anything I could do to motivate and support the holdover in order to leave the property? 

I don't want to lock this up, and then waste my time, the seller's time, and my end buyer's time. 


Thanks all!

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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    @Chris Mooney

    Familiarize yourself with your local squatter/hold over tenant laws. Maybe consult with an eviction attorney first before proceeding.

    This factor of the deal could give you more negotiating leverage as well. It probably will turn off most newbie investors but I’m sure if the numbers make sense then an experienced investor will still take on the challenge of the holdover tenant. I’m sure if you flash a few $k with cash for keys they’ll leave.

    Best of luck!

    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
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