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Updated almost 16 years ago on . Most recent reply
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Inherited Tenants - What to do???
Friends:
Thanks to some great info on this site (Mike OH etc), I finally am taking the plunge. I will close on my first investment property in the next 3 weeks.
I have many questions:
The rental is currently occupied. But, the lease expires in June. I am planning on renewing their leases - they indicated their desire to do so.
Do I do a credit check, make them fill out an application form etc. as a standard procedure?
What are the other watchouts - things I need to do to stay out of trouble - with law and financially. I live in NJ.
I know I need to open new back accounts for the deposits. Other than that I am pretty clueless right now.
Any help is greatly appreciated.
thanks,
Amy