Buying an "off market" property with tenant already under lease

[Michael Weis]

Good Evening all,

My agent wants to show me 3 properties all owned by the same owner that already have tennants in them. The properties are not listed for sale because the current owner does not want to disrupt the tennants. They are all SFH. Has anyone ever dealt with this? If so are there any reasons to shy away from a type of deal like this? Thanks

Mike

[James Masotti]

@Michael Weis - I bought 4 like this last year. It's wonderful not having to bid against other people on the MLS and to be able to vet the deal on your own terms and negotiate directly with the seller. As much as I love doing the value add, if I can keep buying properties with the margins I did on that one, I'd never do another renovation again.