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  • would you flip this property

    you get a call from a landlord who is relocating out of town and wants to sell a home in a rental neighborhood. He bought it for 10 two years ago and is asking 14 now. Regular sales average 50k on the nicer blocks nearby and reo's are averaging 25k. I owuld try to flip for 15-20. You can tell it's not the best area from the numbers.

    He says the tenants are paying 700 month and home is free and clear. He then tells you that his tenants pay with money order every month but... he has no receipts confirming this. The place probably needs 5-10k in renovations.

    After i tell him i may be able to pay his asking price he balks at my request to put a sign in front of the home prior to closing and asks what will happen to the tenants because he doesn't want them to get kicked out as they are good tenants.

    Would the fact that no proof of rental payments is being provided make this difficult to flip to an investor?

  • #2
    Originally posted by verbatim View Post
    you get a call from a landlord who is relocating out of town and wants to sell a home in a rental neighborhood. He bought it for 10 two years ago and is asking 14 now. Regular sales average 50k on the nicer blocks nearby and reo's are averaging 25k. I owuld try to flip for 15-20. You can tell it's not the best area from the numbers.

    He says the tenants are paying 700 month and home is free and clear. He then tells you that his tenants pay with money order every month but... he has no receipts confirming this. The place probably needs 5-10k in renovations.

    After i tell him i may be able to pay his asking price he balks at my request to put a sign in front of the home prior to closing and asks what will happen to the tenants because he doesn't want them to get kicked out as they are good tenants.

    Would the fact that no proof of rental payments is being provided make this difficult to flip to an investor?


    if he has a bank account then he has deposited the money orders in his bank account. he can get proof from his bank.
    by the way i would ask for less than 10k.

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