Occupied Property
I have not yet acquired my rental properties however I am still in the market of looking for those that are already occupied. Has anyone purchased properties with tenants already there? If so, what are some of the things that I need to know or do? Any special procedures I must take? :-?
Remember that any tenant lease currently in effect continues even after you have purchased the property.
Make sure to check with the seller what appliances belong to the tenants and what belong to you. Make sure that the tenants are actually living in accordance with their lease. Seller landlords often get lax and you may find that tenants suddenly get pets or additional roommatesin violation of their lease.
Good luck
[addsig]
Good and Bad when this happens......First the obvious good the $$ is coming in right away...the bad......if you want to do anything you must coordinate around the tennts and proably the biggest for me is you have to live with people that were picked to be tenants based upon someone elses criteria. If the last landlord was lax then they will expect the same from you....If you raise rents or change anything you end up looking like the bad guy........While the seller is cashed out and the one that really made the decision to up the monthly by setting the sales price.....I have only inherited a few but I have one that I am dealing with right now that is driving me crazy.........Good luck and dont let me discourage you just be aware
B
i bought a duplex last year, inherited one good tenant and one less desirable, late on rent, additional people, asked her to leave and she left a mess.
Its all part of the risk in this type of investment.
Ask and get copies of there rental or lease agreements. this way you will know what belongs, how much longer they are leased for, how many should be living there. Ect.....