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Updated 8 months ago on . Most recent reply
Purchasing 4-plex and owner Occupied with existing tenents.
Hello all!
As title states am interested in purchasing a 4-plex, owner occupying one unit and renting the 3 other. Can anybody offer insight for which things to be mindful of as part of our due diligence before purchase? Few things off top of my head are:
- Reviewing existing lease agreements
- Rent roll
- Tenant payment history, on-time payments?
- Security deposit transferred over with interest?
- Tenant application and screening reports, background check, etc
- Unit walkthroughs
- Inspection by quality inspector
Few questions I have are, whats your thoughts on:
1) Rent estoppal letters from tenents?
2) Meeting current tenants?
3) Ensuring one of the units is vacant by closing?
Are these ^ MUST-HAVES to protect ourselves before making a large investment or am I being over the top.
Thank you for everybody's input
Cody