About to buy my first rental property and tenants currently living in the house

[Hunter Reichert]

I'm am about to put an offer in on a house that has tenants currently living in the home and have about 6 months left on they're lease. To my understanding they want to stay. The only thing I know is I have to honor the current contract at least until it expires. I'm am trying to get a copy of the contract before I make an offer. Is there anything else I need to know or do before I get locked into this deal? 

[Lynn McGeein]

Do you have an agent helping you prepare the offer?  As far as current tenants, I'd want  to make my offer contingent on a full review of all their paperwork -- application, background check info, full lease, list of move-in discrepancies if they turned one in, record of any late payments or lease violations, and the ability to screen them if any info is missing.  I'd also make sure it's in the contract that owner will transfer any security or other deposits (pet, for example) and any pro-rated rents to me at closing.  I'd want to know if I'm buying into problem tenants, which may not be such a problem if it's factored in.  A knowledgeable real estate agent could be very helpful with the process.  

The only property I've purchased with an existing tenant was a foreclosure, and we simply knocked on the door and asked for all their info before we bid on the home.  They were grateful we didn't want to be owner-occupants and would allow them to stay, so they were very helpful, and turned out to be excellent tenants.