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Updated over 5 years ago,
Possible problem tenant when purchasing new rental property
I stumbled across a property on Facebook of a granddaughter helping her grandfather selling a property. No pictures but the posted price got my attention. To make a long story short I set a time to look at what I thought was a SFR but when I pulled up it was a Triplex. 1- 3 bedroom unit and 2- one bedroom units. Both one bedroom units occupied. The large unit needs no more thank 10k to repair and update to be and to rent, as well as some issues I would address in the future. After meeting with them owner that is 80 something said look I know it needs work. If you give me 30 thousand you can have it. 15k less than posted and under half appraised value. He has various other properties and businesses so doesn't need the money. Once fully rented it would easily bring in 1700 months. Had an inspection done and other than roof will need replaced in 5 years and minor issues that I expected.
Note I don’t have rentals but was a goal in the future.
One of the tenants I am concerned about signing new lease with. Constantly late on rent which current owner is completely fine with as well as just has a flat out attitude when we met as well as was difficult allowing me to walk her unit. The one positive is she has been renting same unit for 17 years. I am new to this and need some opinions from others with more experience.
Thank you