Buying with tenants

[Kolton Weichman]

Hey, I just purchased a 4 bed 2 & 1/2 bath house in a college town, that has tenants currently in it with their lease ending in May.

I am just curious what the process of buying is like with tenants already in place?

What happens to security deposits?

Etc.

Anyone have any knowledge or experiences they could share?

[Jonathan Greene]

You are taking on the existing leases and tenancies as stated in their original lease agreements so make sure you read them cover to cover to make sure you know how good the lease was in terms of getting them out in May, if you wish, and in regard to the security deposit. Have you met the tenants? When I am under contract on a property with tenants I want to meet them as soon as possible, if they weren't home at showings, just to assess if they are clean as a tenant and whether they want to stay or leave. Don't leave any of this for the last minute. When you have tenancies that will last until May you want to see not just a written rent roll, but confirmation of the monthly payments from each tenant so you don't end up taking on a deadbeat tenant.