Purchasing Properties with Existing Tenant

[Tony Castronovo]

Looking at a property being offered at 40% discount off market value.  It has a tenant in place until next July.  I need to find out the current rent but not sure I like the idea of buying properties with existing tenants.  Anyone have success with that?  What are the big gotchas to watch out for?

[Chris Seveney]

@Tony Castronovo

Get an estoppel to confirm rent amount. Have seller provide bank deposits to confirm they have been paying rent. Get a copy of the current lease agreement. Also try and find out why seller is selling.

Lastly make sure you still do a complete and thorough inspection on property