Pre-approved! House in mind! Let’s get it

[Eric Stewart]

Hello all on BP!

Pretty excited to start seeing it all come together for the first time. Just got pre-approved for my mortgage on my first rental property. Making my offer to the seller tomorrow!

Let’s make sure all goes well and everything is taken care of so I can end up with my first rental property! Another upside is I was lucky to find one with a tenant already in place!

[Eric Stewart]

Quote from @Scott Crowley:

@Eric Stewart Congratulations on this big first step of action in your wealth-building journey!

Now, I don't have enough information to know your situation, but I hope this is a deal that was well-sourced and the tenant is ideal for you to start out with. I only mention this because inherited tenants can be a rough beginning for you if they were not properly vetted. If you're buying from a turn-key provider or RE team that operates a property management team as well, I'm sure you're in good hands.

However, if this is a deal that just came about one way or another, from any ole seller, I would be sure to do a deep dive(preferably before making an offer, since you're serious about buying) on the financials, including getting a look at the existing lease agreement so you know what you would be contractually inheriting with that tenant. Due diligence would be paramount, is the message here.

@Scott Crowley. Thank you for the input!

I definitely will be doing a deeper dive in the tenant and the situation. I did make an offer on the property. I put a contingency in place to look at the lease agreement/financials/payment history/etc If they can’t provide certain information then I am allowed to back out. 
Ultimately, we’ll see how it goes and where I mess up at along the way. Hahaha