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Updated almost 3 years ago,
Inheriting Old Tenants vs Finding your Own Tenants?
I am currently in the closing process of purchasing a future house hack with one unit being vacant and the other unit having a tenant on a month-to-month lease. I plan on living in the vacant unit and renting out the other. The seller has mentioned the current tenants pay on time, and I am in the process of getting their rent rolls to make what the seller said was accurate.
Now the question remains: is it better to keep a paying, inherited tenant in your unit OR find your own tenant through proper screening?
Originally, my plan was to have the seller give the tenant a 60 days notice and just find our own new, freshly screened tenants (as BP recommended) BUT upon hearing that they are willing to stay and are well-paying tenants (which can be hard to find in this market), I figured they can sign a new month-to-month lease and after a few months sign a year long lease if we both okay with living next to each other. We have had a poor experience with inheriting tenants in the on our other rentals but is a well-paying, inherited tent > finding your own tenant?
Thanks!