Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago,

User Stats

124
Posts
42
Votes
Ben Kirchner
  • Durham, NC
42
Votes |
124
Posts

Buying home already with tenants - need help

Ben Kirchner
  • Durham, NC
Posted

So I am closing on this house in a month.  The current tenants have lived there for 7 years, and were paying $750 a month.  I originally thought the $1100-1200 a month I would require for rent would have me looking for new tenants.  However, they are okay with paying $1100 on an 18 month lease.  This saves me the hassle of locating a tenant myself, or the expense of hiring a company (like I usually do) to find a tenant for me.  However, I have some questions that I'm sure experienced landlords can help with.  

I'll start by saying the tenants are hispanic.  One speaks pretty good English, but there is a bit of a language barrier that makes some things unclear when communicating.  In addition, none of the tenants have a computer, and therefore anything needed to do online becomes a problem for them.  Lastly, 2 of the 4 adults living in the house only get paid cash, and do not have a bank account.  

Am I making too many concessions?  I feel the fact they have been good tenants for 7 years (with 3rd party verification) offsets a lot of this.  My questions are what methods would be recommended for:

With them not using a computer, what methods would be recommended for application, background/credit check, income verification?

As the person buying this house on 12/1/17, I need to make the decision on if I wish to continue to allow these guys to be tenants, or give notification that I want the house vacant by closing.  By not giving notification soon, it will be on me to get the current tenants out, rather than the seller.

I appreciate all input and advice.

Ben

Loading replies...