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Updated over 8 years ago,

User Stats

36
Posts
2
Votes
Frank Inman
  • Investor
  • Severn, MD
2
Votes |
36
Posts

Need some advice with purchasing this investment property

Frank Inman
  • Investor
  • Severn, MD
Posted

I found a SFH for $55,000 needs about $2000 in repairs and is currently occupied. The tenant is currently month to month at $1200. I offered $48k with $3k back. They countered with $52,500. The tenant has been in place for five years, but I expressed to the realtor who is also the PM, that once the inspection comes back it will need more than $2000 in repair and the tenant can just up and leave. She doesn't think he'll do this, but I did tell her that if she could lock him in for a two year lease I'd definitely purchase for $52,500, just so I can be sure to make my down payment back and then some. Is that reasonable to tell the realtor this? Especially if she's the PM? She said she'll ask if he'd be willing to stay once I buy the property, but can't get him to sign a lease.

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