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Updated almost 5 years ago,
Selling a Duplex with Tenants Inside
So here is the situation.
I'm working with an owner who lives out of state. His family (sister and her family) lives in this Duplex in Highland park CA. The owner wants to sell the property and called me today saying he'll lower his asking price significantly if the buyer is willing to buy the property with the tenants inside. Does that make this deal more profitable?
I presented this option to one of my potential buyers and he was NOT at all willing.
The property is rent controlled and RSO rules are pretty strict. The buyer doesn't want to try to evict them himself. I've told the buyer that the Tenants rarely pay on time/have unauthorized pets, etc. It would be an easy eviction.
(the owner doesn't want to evict himself probably for personal reasons seeing as how its his family. He would rather a stranger do it)
I've been working on this deal for about a month now and I am truly just lost. Cash for keys seems to be out of the question. The Tenants down want the money. No one seems to be willing to just take the time and evict them. NOT TO MENTION the moratorium on eviction wouldn't apply if the new owner were to evict based on pets (unlawful detainer). There are definitely options available. And the owner has dropped the price so low, i'm truly just shocked that the buyer I presented it to doesn't seem to care.
Should I find other buyers?
Is this something that I should keep pursuing?
Thanks in advance for the help/advice.