Long Term Tenant Wants to Stay

WadeFenner

Inspired Forum Member
REIN Member
#1
I have multiple rental properties in existing Joint Venture Agreements where my partner wants to sell but I don’t.

So I’d like to bring on new JV partners to take over their position.

BUT I’m also open to selling if buying 1-3 of these, and doing things yourself, is your preference.
I’ll sell at a reasonable discount if sold privately with no Realtors involved.

All are single family homes (No Condos)
All have garages
All have basements
All are tenant occupied with long term tenants (4 years, 6 years, and 11 years)


JOINT VENTURE

- If you’re interested in coming on a Joint Venture Partner you won’t be required to obtain a new mortgage as the existing mortgages are in my company name already.

- But you will need to come to the table with approximately 25% - 30% of the property value (Different values so different buy-in amounts)

- A particular advantage to coming into a deal like this is that the mortgages are 8-10 years old and so they are in a good pay-down position vs a new mortgage with a new payment that is mostly an interest for the first number of years with very little debt reduction.

My payments on these properties range from 40-50% of the payment to debt reduction.

So these will be an incredible equity builder for you (Us).


PURCHASE

If your interest is to buy a property outright then yes, you will need to qualify to get new financing or qualify to take over my existing mortgage. There could be an advantage in taking over mine as some of the mortgages are quite attractive but you will need more cash than a typical 20% down-payment.

If you’re interested in knowing more please contact me at Wade@WadeFenner.com


23 Year Member of REIN
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