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Updated over 10 years ago on . Most recent reply

User Stats

39
Posts
13
Votes
Kimberly Land
  • Investor
  • Chicago, IL
13
Votes |
39
Posts

Acquiring a property with tenants in place--important questions to ask???

Kimberly Land
  • Investor
  • Chicago, IL
Posted

I'm considering a multi-unit buy and hold property.  I own two properties already, however, I found and placed those tenants.  

This would be my first time walking into a situation where the tenants are already in place. What sort of questions are important to ask?

This is what I've come up with:

--ask for a copy of the leases and tenant app. make sure every tenant is on  a lease, no verbal agreements

--which lease(s) will be ending soon?

--which/how many tenants have been late?  how many times? 

--are you evicting any one right now?

--what improvements/updates have you done to the property in the last year? 5 years?

--any additional people in the property that were not on the original lease (given the area, I have to ask this...it's quite a possibility)

--are any of the tenants the owner's family members?

--how do the tenants pay rent? (I ask this because my current tenants pay me by only TWO methods that are SAFE for me--electronically/online or direct deposit in a special bank account)

--are appliances tenants or owner's?

**Am I missing anything???  Thanks in advance for your help BP. ;)

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