Updated almost 6 years ago on . Most recent reply
Inheriting a Long-Term Tenant
Hello BP, I'm new to BP and we recently had our offer accepted to purchase our first rental, a condo. The same tenant has been in the condo since 2006 and wishes to stay. I am fine with keeping her and her rent at its current level. The property is currently managed by a third party (not the seller), and I plan on self-managing. The condo does need significant updating, but is livable right now. I have a few questions relating to inheriting this tenant:
-What information am I allowed to see about this tenant and her rental history?
-Am I required to honor her current lease (even though I intend to), in the state of Virginia?
-Give me your thoughts regarding a security deposit. I'm inclined to waive any deposit, since she's been there so long and I'd have to update pretty much everything when she left anyways...if she ever leaves. She does take good care of the place - very clean, decorated, etc. But, if she gets some of her very old deposit back from the previous PM company, I like to think I should be entitled to it.
-Can I see the PM company's financial agreement with the tenant? Do I just need to ask?
-What do people think about waiving a deposit in exchange for signing a two year lease?
-What else should I be thinking about in a situation like this, with such a long term tenant?
Thanks! Cheers