Purchasing multifamily with a tenant - Contract Questions

[Jason DeMauro]

I am purchasing my first multifamily property, small two-family with one unit currently occupied. The tenant has been in the home for 3 years and wishes to stay.  At this time, I have no intention of requesting the unit be vacated at sale. 

For due diligence sake, I am requesting current lease agreement, transfer of security deposit, history of payments and maintenance requests. 

Is there anything else that I should be asking for? Or, language that I should consider placing in the contract?

[Brandon Rush]

Hey Jason,

No, I believe that is all you will need. I have not seen someone request maintenance requests before but would be interested to see how the seller provides them. One easy method I have used to find maintenance issues is asking the tenants during the inspection (if they are on-site). Some tenants have big mouths and love to complain. I have done drive-bys of the property and caught the tenants sitting out in front of the property. I have told them a friend of mines is looking to purchase the property, how has your experience been? Often times, they may be hesitant at first, but quickly open up. 

I believe all that you are requesting for the current tenant is enough information. Good luck on your first property!