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Updated about 3 years ago,
Stay clear of Tenant Occupied House?
Hey everyone, I hope you guys are well and thank you for taking the time to read this.
I have a house off market and at 50% discount of ARV. The deal is locked and loaded, but there is a tenant in place. They've been there for 4 years, never missed a payment and their lease expires May 2022. The current owner likes to have his rents under market value so he's renting it out at 600/month.
The intention is to flip this house whether I do it or wholesale it to someone else to do it. Im having doubts with moving forward as my money would be parked for 6 months in the event that the tenants want to fulfill the remainder of the lease. Is this is still a deal or would it better to walk away? Perhaps a seasoned investor with more capital would like it. Im fairly new so, 6 months seems like a long time.
If you have any words or wisdom, Id be grateful.