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Updated over 8 years ago, 09/05/2016
Potential Red Flag
Hello BiggerPockets!
I wanted to reach out for some help about a potential red flag. I found a home in my target area (Ohio), it is just way overpriced. It is priced at 157k and was recently bought in 2012 for 70k. I contacted the Realtor and asked what improvements have been made, and if the current month-to-month tenants are able to move out by time of possession (I dont want to inherent tenants). The Realtor said there have been no improvements and the owner will not "evict" the current tenants, the new owner will have to. If a proper contract is in place, the owner should have the opportunity to not renew the monthly lease? The Realtor said she would be happy to show any offer (If I did, it would be very low). But is it worth to write an offer and state in an addedum that the property must be vacant of tenants and all possessions? Or is it safer to stay away from a potential good deal because of the inherited tenants?
I appreciate any help! Thanks.