Rental properties with existing tenants

[Courtney M.]

When evaluating a property with existing tenants, what are the questions you need to ask?

I've been told by the listing agent these tenants are there month-to-month. Not sure how long, cumulatively, they've been at the property.

They are paying far below market rents - if this offer was to be accepted I would raise rents immediately.

I've read about the estoppel agreement, is that something you look to get signed prior to close, or is your offer subject to tenants signing the estoppel agreement?

I don't want to make a mistake in making an offer and not having the full picture with regards to current tenants.

[Eric D.]

I purchased a 4-plex.  Two of four tenants were not paying rent.  One was slow and behind.  One was paying.

I still have the paying tenant.  I evicted two the first business day after close.  The one that was behind caught up, and move about a year after.