Updated almost 9 years ago on . Most recent reply
Buying first duplex with renters already in place...
Hello BP, does anyone have experience buying a duplex with renters already in each unit? Each side has about 6 months left on their current lease and have been there for multiple years. I am trying to get an idea for how the logistics will be handled. 1) Will the security deposit be tranasfered in escrow/upon closing. 2) Do I wait until after closing to set up payment accounts/instruct them on new address and payment process (I am assuming yes since I don't own until after closing)? 3) Do I introduce a lease in my company name 30 days before their old lease expires? So they can be preppared for the new terms/new management? I have done a bit of research and have not really found these answers. Any help is much appreciated. My next step is talking to a property management company but wanted to reach out on here first. Also any other advice is always welcome. Thanks in advance.
Austin W.