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Updated almost 3 years ago,
Rental lease renewed by seller of duplex wat below market value
Hello, I am new to bigger pockets and a new to real estate investing. I am in a little bit of a predicament as to how to proceed with a duplex. Our offer was accepted just a couple of days ago and are in the process of getting inspection and appraisal before closing on our first investment duplex. We have recently received notice that seller renewed a rental agreement for one of the tenants. (Other side is vacant) from April 1, 2022 until March 31st 2023 for the amount of $1100 a month. Market value on these duplex is $1800 per side. We are uncertain as to how to continue as this wil affect our returns greatly. Is there anything that could be done? Any advice as to how to proceed? Can we ask seller for credit towards closing due to losses in income due to new lease? I thank you all in advance for any advice on this matter.