How to purchase a property that is already rented

[Philip Davis]

How would I go about buying a property that already has tennants?

[Andrew Syrios]

We've bought properties with tenants, it's not that big of an issue. First question is, do you want to keep them or flip? If you want them out, you want to see when their lease expires and factor that into your analysis. If you want to hold it, get the lease, operating statement and some sort of proof of deposit (deposit slips, bank statement, etc.) to prove they are a good tenant. Then make sure to do a walk through inspection to make sure they keep up the place well and go from there.