Quick Question about Existing Tenants / Cash for Keys

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Hey everyone!

I've been looking at a few multi-tenant properties in my area, and have a few quick questions.  Most of the ones that I've looked at have existing tenants.  When doing the calculations in the BiggerPockets Tools, it's hard to properly estimate what the current rents are.  For example, if a tenant has had a lease for the last year, their rent may be lower than the average for that area.

So, would I be able to request current rent/lease length information from the current owner? I know that getting the current leases / estoppel usually falls under due diligence after the property is already purchased. But what If I want to know this information before even offering on the property? Also, I want to make sure that I'll be able to move into the property when I purchase it (Owner occupied requirement for FHA Loans).

Also, can I offer Cash for Keys if the tenant is currently in a lease?  I know that Cash for Keys is typically to get a problem tenant out rather than going the eviction route.  What if I just want them to leave for a different reason, like to rehab the unit or raise the rent?

Thanks for taking the time to read this!

-Emily

[Jennifer T.]

My REA is usually able to tell me the rents and lease status for properties I'm considering, even before I put in an offer.  Like others have stated, some sellers may require an offer before providing that info, but there shouldn't be any issue with them providing it.  If there is, that would be some red flags flying high for me.

I did cash for keys once with an inherited tenant.  "Tenant" in my situation was a strong word, lol.  I bought a dilapidated duplex that needed substantial work.  The seller's brother had been living in one of the units for over 10 years, rent free.  I normally would have required the tenant be out before closing, but, because I was getting this property dirt cheap and it was in a landlord friendly area, I estimated $1,000 in my costs if I had to evict and drag this guy through to the bitter end. 

I served him a 30-day notice to vacate the day after I closed and offered $500 if he was out in 2 weeks and $250 if he was out in 30 days and the property was in the same condition as when I bought it.  The histrionics and hand wringing were Oscar worthy.  And he was a complete PITA for those last 30 days, including stealing our hose twice.  But, 30 days later, he was gone with $250 cash in his hand.  Maybe he would have left anyway, but I still consider that $250 as money well spent.