I am very fresh in the game and have a chance at a turnkey property in Spring, Tx. I just really don't know what to do or if I should do anything with it at all. The owner of the property is an out of state owner who has decided to stay out of state he now wants to sell his home, which has a current tenant living there(he says she can be out with 30 days notice).
Property market value: $131,000(has increased from $103,000 in 2014)
The comps for similar homes are $134,000-$140,000
Owner says tenant is paying $1250 for rent
I got the owners contact info from a loan modification list and he called me to get my offer price. He still owes $120,000 on mortgage.
Should I attempt to purchase as a buy and hold? Keep the tenant? What would be a good offer price?
