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Updated over 10 years ago on .

User Stats

16
Posts
8
Votes
Michael Talerico
  • Investor
  • Utica, NY
8
Votes |
16
Posts

Inheriting Tenants That Have Been Paying "All Utilities Included" Rent

Michael Talerico
  • Investor
  • Utica, NY
Posted

I am in the process of buying my first multiplex property and it is currently fully occupied. While I am ok with this in this particular situation, the landlord I am buying the property from has been paying the utilities for all the tenants, which I'd much rather not do. With that said, I am waiting on getting back the estoppel agreements from the tenants so I can get a better idea of what I'm dealing with (i.e. month-to-month tenants, leases that indicate utilities included, etc), but I would ultimately like to get all the current tenants to transition into paying for their own utilities ASAP once I officially take ownership of the property. Does anyone have any suggestions on how I should approach this?