I am in a delimea about a property that I am pursuing. It is definately a fixer upper. A triplex that has been on market since Oct. 05. It was listed at $189K, dropped to $169K and now to $149K. The next triplex cost $220 that need fixing and in an area that is farther away. The average cost is about $300k for triplexes.
My agent offered $120K and it was accepted. I was told that the last offer by someone else was $140 K but it fell through due to financing. So, the price is great BUT one apartment has a tenant/family from hell. The seller cannot get rid of them and would only except my low offer, if I would keep or dispose the tenant at my own risk/cost.
My wife tells me to stay away. It is hard for me to walk away from a good deal. I am not worry about the condition of the place but concern with the headaches and greif from these tenant.
Is it worth the headache? What is your advise or do you have similiar situtation that I can learn before accepting the offer. I would like to have some feed back from the readers.
My agent offered $120K and it was accepted. I was told that the last offer by someone else was $140 K but it fell through due to financing. So, the price is great BUT one apartment has a tenant/family from hell. The seller cannot get rid of them and would only except my low offer, if I would keep or dispose the tenant at my own risk/cost.
My wife tells me to stay away. It is hard for me to walk away from a good deal. I am not worry about the condition of the place but concern with the headaches and greif from these tenant.
Is it worth the headache? What is your advise or do you have similiar situtation that I can learn before accepting the offer. I would like to have some feed back from the readers.