Purcashing Duplex With Tenants...
Anybody have any advice for an already occupied property? They are both under lease, the lease isn't very good, but has the meat of a typical lease agreement. I didn't know what you typically do, stop by, drop a letter, etc.
Thanks for any advice!
Send a letter in a self stamped self addressed envelope to each tenant. Tell them that you are in the process of buying the property and you would like them to fill out a survey. 1. HOw much are you currently paying? (not allways what the seller says even with a lease. 2. are there repairs that need to be made to your rental unit.
[addsig]
If the seller is agreeable, have him send a letter to the tenants informing then that as of X date the property is being sold to you. The letter should then include the contact info you want the tenants to have on you and instrcutions on where to send the rent. Once the closing is over with, get in there and sit down with each tenant to discuss what changes you intend to implement.
Good luck
As you might already understand you have to honor the existing contract until there comes a point when it can be changed (normally at the end of the time period or with specific notice, etc)
Make sure the deposits that you receive match what the tenant thinks is being held. When they move they expect the deposits to be there. If the amounts or the conditions concerning the deposits are not in agreement with between the seller and the tenants then have the seller settle the issue prior to close or leave you the amount the tenant expects to be on deposit.
John
[addsig]