Purchasing properties with tenants

[Ronald Hunt]

I would like to hear from my surrounding investors in the Indianapolis, IN area regarding purchasing properties that are already occupied with tenants.  I'm in a situation to make an offer on a potential wholesale deal but I have not yet done so due to a few investors I've spoken to that prefer to buy homes vacant.

I'd like to hear all feedback from anybody who has experienced buying or selling properties with occupied tenants. 

Thanks.

[Account Closed]

@Ronald Hunt 

Questions that I would ask you if you brought the deal to me other then the obvious ones like location, price, rehab, etc.

1. Is the tenant under a lease? If not have they been given or will be given notice to vacate the property? 

2. how long is the lease? week to week, month to month, 1 yr, 2yr

3. Have they been paying on the lease? If so, can the owner provide proof? 

4. Does the owner take care of their own properties or do they use a property management company? If yes to the PM then who are they? 

5. If the tenant is not performing will the owner evict prior to closing? This question is all about how good the deal is. If its a A+ deal then I would probably just do the eviction myself. 

6. Can I get into the property to see it or will the tenants be a pain in the ***? 

I think these are things you should be asking so that you are equipped to handle the questions should they arise