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Updated almost 7 years ago,

Account Closed
  • North Salt Lake, UT
6
Votes |
10
Posts

Quick Question about Existing Tenants / Cash for Keys

Account Closed
  • North Salt Lake, UT
Posted

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

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