Buying an existing rental property

[John Laabs]

Can anyone point me to a forum or other discussion on how the process works when you are buying an exiting property that is already being rented out?  So it already has tenants exiting on the property, what happens to them and their lease with the current owner if I were to buy the property?  FYI, the idea of me buying the property is to also rent it out, but trying to understand more of how the lease and other things go from current owner to me being the new owner.  Any help, direction or advice would be appreciated.

[Bill Pate]

It really depends on what state you live in.  I just bought a fully occupied duplex on January 1st.  In Ohio the lease survives the sale.  One of the units was in need of some extensive repairs, so I offered the tenant cash for keys.  Still waiting to hear back on if they will take the offer.  Personally I just contacted the tenants after the close and setup a time for a face to face.  During that time I changed the locks and gave them my flyer which has my contact info on it and where they can drop off or mail the rent.  Make sure you get any utilities you are responsible for transferred into your name so the tenants do not experience a disruption.  I will not be renewing the upstairs tenants lease, but only because of my desire to remodel that unit.