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I have a home in Minden that I have negotiated to $40,000. The after repaired value is approx. 80-90k and needs about 10k in repairs. I would like to wholesale the property but it is tenant occupied and they are being difficult about allowing people to look at the home. I have also debated on purchasing it and rehabbing it. My offer to the owner is at $40,000 but the 40k will be in a 1 payment note due in 6 months or at the time of re-sale whichever comes first. With the right to extend at least another 6 months. If I can purchase the property this way I will either sell it to another investor or I will evict the tenants and rehab the property and sell retail. Does this seem like what I should do? Is there any other ideas that anyone may suggest? thanks, Randall Miller
Is the rental agreement a month to month? Is the rent they are paying fair market rent? Have they been a good tenants? Maybe give the tenant a financial insensitive to show the property. Might give the thought of a HBS on the property and explain to the tenant that it will be shown for only two days for about 3 hours each day.
Don WedeThanks for the input. This is not a lease but it is on a month to month agreement. I have thought about doing a wholesale deal with it because I know several investors in the area that are currently buying homes in this price range but I did not know the best way to deal with the current tenant. thanks again.
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