Purchasing a property with long term tenants- Pros/Cons?

[Vinny Thong]

I'm looking to tap into the Philly Real Estate market and was researching some properties. There were a few properties that have long term tenants that are active. I was curious if there were some pros/cons with purchasing a property that already has tenants? 

Some pros/cons I thought of:

Pros: Positive cashflow, no looking for tenants

Cons: they could be bad tenants, rent isn't paid on time, assuming a long term lease has been signed - can't evict them and rent could be under market value based area

Any other thoughts? 

[Joshua Parr]

You definitely touched on a lot of the main points. If they are bad tenants and don't pay on time or at all, you can still evict them because they are breaking the terms of the lease. If the old landlord didn't have a written lease, you will need to do a lease with them. If the rent is under market value with a long term lease, you should take that into consideration when purchasing and running numbers on property. Best of luck!