November 15, 2021
We bought this rental property for cash in as is condition
While we do flip properties, our favorite strategy is to hold rental properties long term. That’s why we love to speak to landlords that want to sell a rental property. Like this one in Marrero where the owners were long time landlords but had been slowly selling their portfolio and retiring. Their last rental proved to be a headache as they kept finding issues and just decided to sell the house in as is condition. They reached out for us and we were able to make then a cash offer that worked for them and we then closed in less than 2 weeks.
You can watch the video of our founder Aussie Steve walking the property and talking about the condition and situation. You can also read the video transcript below.
I’m here at a house we closed on about a week and a half ago. I haven’t had the chance to come around to do a video, but I’ve had my guys working on it. So, this property is on the West Bank of Jefferson Parish in Marrero. It was owned by two landlords. They’ve owned the property for about 37 years and the last tenant had actually been here for 17 years, which was a really good run for them.
But there was a fire incident that they had that started in the laundry and it created a decent amount of damage. So, they had to rehabilitate the property. They were working through that. They’ve been landlords for a long time, so they were handy enough but they were getting up in age. One of them was in his 80s while the other was in their 70s.
They did a pretty good job rehabilitating the property. But they hit a snag. They found that the bathroom was backing up water, which we think is as a result of a problem with the pipe. That is obviously something that we have to resolve. But the real big problem came when they started having termite damage. Unfortunately, I can’t show you because we’ve fixed it up already.
That was the last straw for them. They had spent a lot of time fixing it and they were getting tired. They were old and they didn’t really need it. So, when that happened, they were like, let’s just sell it and retire. Then to make matters worse, hurricane Ida came, and it damaged the roof as well and that was it for them.
They reached out to us and we were able to pay them what they were after and they sold it for cash in as is condition. We’re going to fix it up and turn it back into a rental. It’s probably one of the favorite closings I’ve had. The closing was retirement for them. They were retiring from being landlords, and while they’ve owned this for 37 years, they’ve actually been landlords for over 40 years. They had a bunch of properties, and this was the last one, so they were ecstatic about selling it. They sold the house fast, and we closed it within two weeks. So, they got the check, and they’re like we’re retired now. We really fed off that energy, and we’re really happy for them. We’re also happy for ourselves as this is a good rental, and we love rental properties like this.
We are going to keep this one, and hopefully, we can be as lucky and get a tenant for 17 years probably. So, if you’ve got a house you want to sell, maybe it’s a rental, even if you have the tenants in it, that’s fine, we don’t mind buying with tenants. Also, if you’ve got a house that needs repairs and you don’t want to make the repair, then reach out to us. We’ll buy it with cash in as is condition. You can check out our website, homebuyerlouisiana.com. There, you can see a lot more information about selling your property in as is condition, selling your property with tenants in it, etc.
Thanks so much guys, have a good one.
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