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Updated over 1 year ago on . Most recent reply

User Stats

30
Posts
18
Votes
Justin Bailey
  • Rental Property Investor
  • Canton, OH
18
Votes |
30
Posts

Really good deal or something fishy?

Justin Bailey
  • Rental Property Investor
  • Canton, OH
Posted

Alight so hear is the situation. Found a property on the MLS listed at 60k. Says it's owned by a landlord and wants to get rid of it and has a current tenant in it who pays $900 per month and the utilities. Doing a little bit of research the property was sold last year at 35k and no updates were made. Small 2-1 in this area typically rents for 650-700 on an updated property this small. My concern is why is this property being sold with a tenant who is paying way over market value. I do get the resale because of the market. My other concern is, is this fake and the tenant is squating on this landlords property and they're dumping it because of the situation they are in or am i overthinking the situation. This will be my rental. We are scheduled to look at it today. This is in rural Ohio outside city limits if your wonder on pricing.

Most Popular Reply

User Stats

30
Posts
18
Votes
Justin Bailey
  • Rental Property Investor
  • Canton, OH
18
Votes |
30
Posts
Justin Bailey
  • Rental Property Investor
  • Canton, OH
Replied

@Mateo Oquendo-Chandler alright I got some background info on what is going on. The landlord Is going through a divorce and is selling some of his properties, this was a property that his wife gave up to help settle there divorce. Once he acquired it, he jacked up the rent $200 on the tenant because of 2 dogs (who are really nice) we talked with the tenant and owner for quite some time after viewing the property. We put in an offer at 55 and they countered at 57, so we accepted the offer and the tenant agreed to sign a 1 year lease at $725. She was crying in joy... Long story short dogs shouldn't be used as leverage for living situations especially if the same tenant has been in the property for 5 years.

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