Under contract. Anyone here? Fascinated to see how this pans out....
WTF? I have never seen an ad like it.
- Thread starter jacked
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Watch for the thread in the property management forum in 6 weeks "HALP BOUGHT NEW IP SIGHT UNSEEN AND TENANTS WONT MOVE OUT"
Or maybe "Can't get insurance due to squatters"
Bottled water , no power ----> wood fire , plenty of wood around ......
Who needs a toilet .....
Could end up very messy depending on who you're dealing with ..
Cliff
This is quite common in the US.
Banks often sell "tenant occupied" homes that you cannot inspect. Homes sold as is, where is, no contingencies etc...
I bought a great deal this way. Of course I didn't know what I was getting as far as tenants and internal condition of the home but a risk I was willing to take at the price I was paying.
The property I purchased back in 2012 was a brick constructed 4 plex, 2 x2 bedders, 2 x 3 bedroom townhomes, purchase price $75,000 for the lot, spent $25k renovating it, inherited 2 long term paying tenants and 2 vacant units. Never had any problems leasing them. All up I get $2600 month in rent.
Banks often sell "tenant occupied" homes that you cannot inspect. Homes sold as is, where is, no contingencies etc...
I bought a great deal this way. Of course I didn't know what I was getting as far as tenants and internal condition of the home but a risk I was willing to take at the price I was paying.
The property I purchased back in 2012 was a brick constructed 4 plex, 2 x2 bedders, 2 x 3 bedroom townhomes, purchase price $75,000 for the lot, spent $25k renovating it, inherited 2 long term paying tenants and 2 vacant units. Never had any problems leasing them. All up I get $2600 month in rent.
I grew up around the corner form this property but have long since left. I still have a lot of ties to the area, and know for a fact that a neighbour of the property in question bought it.
The tenants have already left - being a neighbour, the buyer apparently knew the tenants somewhat, and may have been able to sweet talk them out, that I don't know.
The house has been gutted, 2nd hand info is the owner intends to renovate and rent out. Should be a great result for the buyer, the area is generally quite nice and it is certainly a case of the worst house in a good street (though the house next door is not far behind). Wish I'd had the cash on hand to buy it myself.
The tenants have already left - being a neighbour, the buyer apparently knew the tenants somewhat, and may have been able to sweet talk them out, that I don't know.
The house has been gutted, 2nd hand info is the owner intends to renovate and rent out. Should be a great result for the buyer, the area is generally quite nice and it is certainly a case of the worst house in a good street (though the house next door is not far behind). Wish I'd had the cash on hand to buy it myself.
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