WIP 720: Wholesaling Quicktip - How to Wholesale a House with Tenants
Wholesaling Inc with Brent Daniels
Find distressed properties for pennies on the dollar and turn them for huge profits!
4.9 • 1.4K Ratings
🗓️ 29 June 2021
⏱️ 5 minutes
🧾️ Download transcript
Summary
Securing properties with tenants is a situation full of intricacies.
In this short but sweet episode, Mr. TTP, Brent Daniels, gives a quick run-through on a master plan on negotiating and striking a deal with the residents.
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Transcript
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| 0:00.0 | You're listening to the whole selling ink episode number 720 crazy thing about real estate investing is 80% of the deals we do are from |
| 0:08.7 | Investors. This is game-changing information |
| 0:12.0 | Guaranteed to raise your real estate wholesaling business with actionable steps |
| 0:16.0 | You can take immediately to navigate the ins and outs of wholesaling and start making money today |
| 0:22.4 | Join us as we put our guests in the hot seat and dive deep to dissect their strategies for success to enable you to duplicate their |
| 0:29.5 | Results. You're listening to a wholesaling ink the only show dedicated to making you a fortune in wholesaling |
| 0:38.7 | Okay, so first of all you have to find out is the property on a long term lease or is it month to month? |
| 0:46.5 | Okay is long term lease a month month if it's month to month then you can have a conversation with the tenants and put together a game plan |
| 0:53.1 | For them to move out. It's a lot easier to sell these properties if they're vacant |
| 0:57.9 | Especially if they need a lot of renovations. Okay, if they need a lot of renovations |
| 1:04.0 | You need the property vacant. You can't just have the family living in there and you're ripping out the kitchen and everything, right? |
| 1:09.4 | So you need to have the conversation with the tenants you need to give them enough notice |
| 1:13.6 | You need to give them enough runway to be able to get out of the property now typically what happens there is you give them cash for keys |
| 1:20.3 | Hey, listen, I want to help you in this process |
| 1:23.5 | I'm willing to give you five hundred dollars a thousand dollars. I mean I think I've given |
| 1:27.9 | Five thousand dollars before for cash for keys just so that they get out of the property and I can have access to that property or my buyers |
| 1:34.3 | Can have access to the property sooner |
| 1:36.6 | Okay, now if they have a long term lease again |
| 1:39.7 | You can offer cash for keys and see if they would get out |
| 1:42.2 | But if not the landlord tenant act protects that tenant |
| 1:45.8 | You can't just evict a tenant if they are paying in a timely manner |
| 1:50.3 | According to their rental agreement. They're abiding by their rental agreement |
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