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Updated almost 10 years ago,
how to work with inherited tenants?
Hello everyone,
I am a newbie in investing real estate. I have been reading a lot on BP. Appreciation to BP team and so many contributors.
My husband and I just submitted an offer to buy a townhouse. After inspection, we are generally okay with the condition of the house. But we found something like mold in one of the bathrooms. There is a window in this window but no fan. I guess the tenants probably does not open the window frequently enough to get the ventilation. As we are required to inherit the tenants, I am worried that the mold is a health concern for them. So, my husband and I really want to renovate the house as soon as this deal is closed. We contacted the seller and asked if she can manage to terminate the lease before closing. She insisted sell this house as is, and suggest we talk to the tenants after closing.
My husband has zero experience on this matter. Does anyone experience this before? We are very eager to hear suggestions.
BTW, there are two leases attached to this house. One of the lease will end in August. Another lease is month-by-month based.
Thanks,