First multi-family purchase - first time landlord

[Tyler Heap]

Hello everyone - I’m closing on my first 3-family property in May and I’m seeking some advice. 2 of the 3 units will be occupied upon closing. Both units are occupied by tenants-at-will. They are both paying well below market average rent. Should I serve a 30-day notice to both tenants the day I close on the property? According to the selling agent, one tenant is looking to buy a house and will be out “sooner rather than later”. The other tenant has lived in the building for 20+ years but as I mentioned earlier is paying nearly half of what the market average is in this area. Any advice/thoughts would be greatly appreciated! Thank you.

[Caroline Gerardo]

Change contract last amendment: get existing tenants out before closing. Seller often is passing on headaches.

Did you get seller's past 12 months bank statements showing the rents deposited?

Did you get complete leases with drivers license of tenant? When you knocked on the door is the face a match and who lives there? Did you walk inside the units to verify condition? Did you get an inspection?