Buying rental property in the middle of the month!

[Carrie A.]

HELP!!! I'm realizing that my real estate agent (who has a property management company) doesn't know much!!!  I'm do to close on a duplex on Tuesday.  It is completely rented out.....  what happens with the rent that has already been collected??? Does the landlord keep it? Do I get it???   I'm at a loss!!!

[John Lenhart]

I like closing between the 5 and 15th of the month. This way the rents are in and we get larger pro-rations and less money to bring to closing. Also, it helps with the transition to new management giving tenants time to adjust their mailing addresses.