First properties under contract, questions about tenants.

[Lee Nugent]

Good evening BP.  I have a few questions that I'd like to bounce off of the community regarding a couple properties that I have under contract.  

1)  Do I have to honor the full terms of the lease or am I able to move the tenants under my lease terms?  (One of the property owners doesn't require a pet deposit, but I do)  

2) Increases in rent.  The same owner of the property with no pet deposit is shorting themselves on the rent that they are charging tenants. 

3) Can I have the tenants "reapply"?  I'd like to get background checks on the tenants, as well as ensure that all occupants of the unit are listed on the lease.  One tenant has a boyfriend/husband that isn't listed on the lease.  

I appreciate your input on this as this is my first go around and I want to be fair, but I also want to do this properly and not take a loss.  

Thanks everyone, have a great night.  

Lee

[Dave Pate]

You run the risk of losing inherited tenants by making changes right away, or by making them "reapply". If you buy the property, you buy into the existing leases completely. Occupants who are not on the existing lease should provide a completed application at minimum to stay. Be prepared to lose tenants upon new ownership. It happens. I think it is sometimes best to start off with tenants you have selected. Screen. Screen. Screen.

"The act" likely means the local landlord-tenant law. Get a copy and get to know it.