General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago,
First time I purchase a property with a tenant...I have questions
Hello BP friends,
So, I found a good deal and I am about to purchase a property with a tenant in place. I am concerned with the lease that is in place. I haven't seen it yet. The house looks good and the tenant seems to take some pride in the house by keeping it clean. I haven't met the tenant but by the looks of it so far she's a keeper.
My question is, in the process of purchasing the property am I tied to the current lease as well, or can I give the tenant the option to sign my lease with same rent amount, with probably some more clauses added to my lease?
Should I ask the seller for the tenants deposit money?
What else am I missing here?
As always, I look forward to your advice. Thank you guys very much