Updated almost 9 years ago on . Most recent reply
Condo for sell with renter already in it
Hi everyone,
Had a lead come off of my website about a condo they are wanting to sell off the MLS for about $215K. The condo is south of Birmingham, Alabama in an affluent part of town. It has a renter in there until May '18 (maybe just when the lease is up). The owner has asked the renter to lease option but the renter doesn't have the credit to gain a loan for the property. They have owned the property since 2007 and paid $218K for the condo then. It looks like the prices sold in the condo area is stalled around $200-220K. It's a 3/2.5 and is only 10-year-old house/neighborhood.
The reason for selling the property is that they just had a baby and they don't want to worry about the property... he is managing it own his own.
I am meeting the owner this afternoon to get some eyes on the property but before I go I would like some insight from the group on other information to gather. Issues to be aware of since it's being rented out until May '18 (inheriting a renter)
What different strategies can I give the owner, so I can gain the property if I want it? I was thinking about lease optioning it, taking on the mortgage payment, subleasing it to the current tenant, and giving them a 2-5 year option on the lease. Would I also consent to perform the management of the property as well?
THANKS EVERYONE!