Non-vacant Property

[REINV]

Has anybody dealt with a property that was not vacant?  Either by the owner or tenants?  In such a case, what are your options?
Thanks.

[ErnestBidder]

 My favorite route is to sell it to the occupants for a quick profit and a minimum involvement; you can offer them a no-interest minimal VTB 2nd for  the down, and let them get a new first in the amount of what you really want for it; if it goes south, you've got your money; if it does not, you will make a loyal friend for life if you forgive the mortgage 5 years in, and tell them upfront  that that is what you will do if they make all the payments.

  BYW, for those of you who argue against it, I've bought a few  properties with no down, made a bit of money during operation and in the sale. As long as everyone wins, they work, but you have to make sure they work from the get-go.

[tax_newbie]

Excellent idea. Thank you for sharing with us

[Pfm1011]

My favorite route is to sell it to the occupants for a quick profit and a minimum involvement; you can offer them a no-interest minimal VTB 2nd for  the down, and let them get a new first in the amount of what you really want for it; if it goes south, you've got your money; if it does not, you will make a loyal friend for life if you forgive the mortgage 5 years in, and tell them upfront  that that is what you will do if they make all the payments.

  BYW, for those of you who argue against it, I've bought a few  properties with no down, made a bit of money during operation and in the sale. As long as everyone wins, they work, but you have to make sure they work from the get-go.

Cant argue with that logic at all.. quick painless and everybody wins..Love the five year forgiveness..they would have to be fools to miss any payments  ..  Of course this presumes that they qualify for the first so anything short of squatters you should be good