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Updated over 8 years ago,
Acquired tenant w/mid-month lease, prior owner stated due 1st
Hello,
I have a problem with a tenant in a property I just acquired. I have a 4 unit multi and the tenant entered into a year lease starting on the 15th of the month. The owner came to the property 2 days before closing (March 23rd) and collected the rent. The owner gave us credit for 3/23-3/31 only, but the tenant said he paid through April 15th. The tenant always paid cash or deposited funds in owner's account and the prior owner didn't provide receipts. I believe the tenant as he said he paid 1st month and 1 month security and has paid him monthly amount on or after the 15th.
As a newbie investor I don't think there is anything I can do about this now, but I wanted to know how to prevent this from happening again in the future. Especially when dealing with landlords who don't provide receipts or keep proper accounting records. How should I have handled this? Any advice is appreciated and thank you in advance.