Buying rental property

[Malcolm Brown]

Greetings BP, 

I have a seller who is looking to sell their property in the olney area of phila. The property needs  minor cosmetics and has tenants paying  $850 a month. The seller stated she is not taking a cash wholesale price and still have an existing mortgage in place asking 60k for the property. How should I look to structure the deal if there is a deal at all? The seller has another propert next door that is willing to sell as well. Could there be a deal if both properties was brought at the same time?

PLEASE REPLY. ALL FEEDBACK IS WELCOME AS I AM A NEW INVESTOR/WHOLESALER IN THE BUSINESS.

[Rich Baer]

@Mauricio Ramirez

I am looking at it mostly from a legal perspective. In Maryland, lead paint lawsuits are rampant and I would never by a house with tenants if it was not lead free. I had a colleague buy a house with existing tenants at tax sale and they won a lead paint suit against him for $3,000,000 even though he did not place them there and he had never been in the house. Other things that could bite you are mold issues and of course repairs that you did not foresee. If you can, you should have the house inspected. Feel free to PM me for a follow up.