Discount property with professional tenants

[Alvaro Rodriguez]

I have the opportunity to get a house for 70% of the market value, all it needs is paint and carpet. The reason being is because the house was foreclosed. However, the owners don’t want to leave the house and want to stay as long as the government bans evictions.

Is anyone in Texas or anywhere else dealing with tenants not wanting to leave because they can just stay.

My reservation is that I don’t want to buy the house and not being able to use it until the eviction ban is over and what about if it is extended again? Holding cost for three months will be a lot.

Is this a risk anyone would take?

[Aj Parikh]

Being a REI is all about solving problems. This one is a tough though. If the title gets transferred to your name and the seller refuses to leave, you can file for eviction and go that route. Courts would still be taking evictions based on overstaying or trespassing. They are only postponing evictions based on non payment of rent.

if they don't leave, you just have to account for the holding costs.