Purchasing Property with No existing Security deposits??

[Michael Madden]

Hello all,

1st of many posts im sure.

Im purchasing a 4unit building from an elderly owner.

Her husband who recently passed away, never collected security deposits from any tenant.

I don't know the reasoning, nor do I care.

What I do care about is, what I should do about it.

3 are long term tenants, and 1 is 3 years.  All seem eager to stay and are established in their units.

Another thing is their rent is about $150 below market.  So im raising that about $100 per unit.

This is a lower income area btw.

Any ideas?