July 13, 2022
We bought this Mid-City Duplex with the tenants
This is an update on a duplex we bought over a year ago with the tenant in it. The tenants had been there a long time and the owner didn’t want to evict them so reached out to us to buy the house with the tenants. We did buy the house and we left the tenants in place. We had to put a new roof on the house and do some minor work on the exterior but we haven’t touched the inside yet. Now one of the tenants moved out so we need to get in and update the property. Like many rentals, there is lots of deferred maintenance so will fix that up and get a new tenant. We like buying houses with tenants and we speak to lots of landlords who just want to sell the house as is to another landlord like us. It just makes it much easier. In this video our founder Steve Keighery will talk through how this seller sold their rental to us and give you a tour of the property. You can watch the video or read the transcript below.
Aussie Steve here from Home Buyer Louisiana. We buy houses in any condition in Louisiana. I’m here at a house we purchased, it was over a year ago. It’s been like 14 months ago since we bought the house. I never did a video when we purchased this because it had tenants. It’s in Mid City in Orleans Parish, and it is a double.
The seller reached out to us that he was looking to sell. He had tenants in there. Also, the house wasn’t in great condition. It’s definitely rental grade. It has a lot of deferred maintenance. The tenants have been here a long time. He didn’t want to kick them out, so he was looking for someone that he could sell his rental property to with the tenants in it. Fortunately, we buy houses with tenants. We love having rentals. We do flip properties. But we love holding rentals. So, for us, the tenant isn’t a real issue. One of them was on a relatively low rent. We did increase her rent a little bit, but she’s still actually here and she’s still below market and we will increase that probably every year if she’s still looking after the house.
The other tenant just moved out. So now, we have to fix the property. I’ll show you around. It’s a nice old double in Mid City, a classic shotgun double. But it’s going to need a good turn. We’re going to redo the floor. Also, we’re going to have to paint, patch and update the window units, and get new window units. We’re going to do new bench tops. We’re also going to do new flooring here. We’re going to do the taps, bathroom, and we’re going to update the bathroom lights. We’re going to do pretty much a full bathroom update. So, it needs a good turn.
We’re still going to keep it. So, we’re going to put in a new tenant.
The owner didn’t want to do this work. He didn’t want to have to fix it up and sell it. If he was to sell it, he would have to get rid of the tenant. He would have had to fix the property, then put it on the market, wait for the realtors to bring the buyers, wait for their financing to get approved, go through the inspection process with the inspectors, and he wasn’t going to do that. He wanted to sell the house fast in as is condition for cash.
As cash home buyers, we buy really quickly. So, if you want to sell your house fast, then reach out to someone like us. We don’t mind if you have tenants. In fact, sometimes it’s a positive. We didn’t mind having these tenants in place. We do like to come in, fix things and add more value and if needed to fix up the property. But the tenants are paying enough to make it work. We could just hold it for a year and a bit. We’ll fix this up, we’ll get a better tenant in, and we’ll see what happens to the person next door. We’ll put the rent up a little bit and if they leave, we’ll fix it up, and we’ll get a lot more in rent and this is what we do. So, if you want to sell your house without going through the hassle of fixing and dealing with tenants, give us a call.
Also, you can check out our website, homebuyerlouisana.com. We have a lot of information here about selling your home.
Thanks, guys. Have a good one.
Get an obligation free offer
We buy houses in ANY CONDITION in Louisiana. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property.
Or Give Us A Call Now At: 504-332-7676