Inheriting Tenants With Columbus Metropolitan HA Vouchers

[Abdoulaye Diallo]

I am trying to close my first ever investment deal on a duplex in Columbus, OH pretty soon. The property is occupied, with tenants rent fully covered by CMHA vouchers. One tenant is on Month-2-Month and the other just started a short term lease. Both with the current owner.

I plan to close 5/1. Unfortunately I am not getting much useful information about the process to passover tenants contracts and Housing Authority payments from the seller or my agent.

Can i ask the seller to collect the May rent and entirely credit it to me on closure? 

I intend to keep my tenants and sign long term leases, but is CHMA going to need a new inspection because the title change?

I have not spoken to any tenant yet, but how do you suggest I do this? Speak to them and figure out if they are committed to stay in the first place?...

Anything else I should watch out for?

Any advice is appreciated. Many greetings!

Abdoul.

[Remington Lyman]

Originally posted by @Abdoulaye Diallo:

I am trying to close my first ever investment deal on a duplex in Columbus, OH pretty soon. The property is occupied, with tenants rent fully covered by CMHA vouchers. One tenant is on Month-2-Month and the other just started a short term lease. Both with the current owner.

I plan to close 5/1. Unfortunately I am not getting much useful information about the process to passover tenants contracts and Housing Authority payments from the seller or my agent.

Can i ask the seller to collect the May rent and entirely credit it to me on closure? 

I intend to keep my tenants and sign long term leases, but is CHMA going to need a new inspection because the title change?

I have not spoken to any tenant yet, but how do you suggest I do this? Speak to them and figure out if they are committed to stay in the first place?...

Anything else I should watch out for?

Any advice is appreciated. Many greetings!

Abdoul.

Congrats on your first purchase in Columbus, Ohio!

 I would reach out to CMHA. They are not doing any new inspections right now. One of my clients just closed on a 10 unit in Driving Park and CMHA transferred the rent payments over to him. Are you using a property manager? They should be able to help facilitate this for you. Make sure you request to bump the rents!