Hello Everyone!

After making what seemed to be an endless amount of offers in this hot market, with a lucky turn of events of a sellers contact falling through due to the first place buyer unable to to afford financing. The sellers reconsidered my offer and I am finally under contract for my first
side by side duplex house hack here in Liverpool Ny!!!

One side of the property is currently occupied by a tenant whom has been there for almost a decade and is paying below market rent @ $880/mo WITH utilities included for a 3bd 1ba... Obviously I plan on increasing his rent to market value and switching utilities but hesitate increasing it past 20% due to the fact that during our walkthrough he seems like a solid tenant with a very well kept unit and even bought his own washer and dryers in the unit. My concern is, even though I am obligated to honor his lease until the end of June (estimated closing is June 15th), I don't know anything about him beyond his name. I have included an addendum for the seller to not alter or enter a new lease before or after closing which will give me the chance to enforce my new lease at the beginning of July if everything turns out all right and if extending past June than lease will be transferred month to month.

I'm assuming I would still run the current tenants through my own screening process. Do I move forward with them filling out the application before I've even closed on the property, along with paying for the credit/criminal/background check and sending them the Estoppel Certificate?
or have the current seller provide said info. with proof of payment and or renters insurance, turnover of security deposit & first months rent which my attorney will also be collecting, With it being such a quick turn-around with their current lease expiring I want to have as much lined up as I can and be the most prepared I possibly can.

Currently Still in the process of bulletproofing the new lease along with the operating and reserves accounts & setting up account/property management software. If anyone could provide some type of guidance/info. towards this process of inheriting tenants within my first house hack that would be greatly apricated!

Thank you all for your time and communication!!!

Upstate New York, New York

0 Votes