Buying property with existing tenant

[Dan W]

I'm looking to buy rental properties that generate positive cash flow. What do people think about buying properties that already have existing tenants? On one hand, it would be great to have someone in the place day one and start cash flow immediately. On the other, I wonder if I'm just inheriting another landlord's problem tenant. Any experiences you can share on the matter are appreciated.

[Dennis Marshall]

I think it all depends on your gut feeling. I suggest getting to know the tenant first before buying the property. This is just apart of being human. You want to get to know someone that your going to be receiving money from on a regular basis. If genuenly done, it will make the person feel comfortable with the switch.

Now you could do what many new and seasoned landlords do and have a property management company handle all your landlord duties for a nominal fee but its totally up to you. May want to get your feet wet first and do a little managing your self.

Good luck