How to go about this MultiFamily Issue?

[Tenisha Walker]

I have a seller who is motivated to sell property.

The issue is the seller is very old fashioned and don’t really even have knowledge about running a property. He just purchased as is.

The seller has tenants that fully occupy residential not only that the seller also has a family who resides and the family lived there over a decade.

The seller does not have a certificate or compliance or has the seller even had a inspection done, that I’m aware of.

Questions

How do I go about this situation? What are the precautions with this because I feel like him selling the property it’s going to open up a bigger problem in the end. Also I don’t want to see anyone lose there home.

So if someone can provide advice of this matter.

[Ronan Donnelly]

@Tenisha Walker, finding a property like the one you describe, with many problems is really the kind of opportunity that real estate investors look for. I would suggest starting with a list of the problems that you need to solve e.g. Get a certificate of occupancy, get state inspections, ensure that all tenants have got leases and are paying rent, get rent up to market etc. Against each problem you will need to describe the remediation plan including how much time and money it will take. All of this will inform you of what price you can reasonably pay in order to make this deal a financial success. Good luck!