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Updated over 4 years ago on . Most recent reply
Buying a Rental Property with Tenants
I'm considering buying a duplex property, but the GSMLS states that the renters' lease does not expire until 2022 and 2025. In addition, the rents are about 15% below the average for this area in New Jersey. Can I have them sign a new yearly lease with higher rents or if I buy the property do I have to stick with their original lease. I'm assuming since I'll be a new landlord their lease is voided??
Most Popular Reply
THe original lease stays with the property, so only buy it if you are willing to stick with these prices for the duration.