All Forum Posts by: Chibu Ogu

Thank you so much everyone for your replies. They were extremely helpful.

I am glad I asked.

Good evening! I should be closing on a rental property in Baltimore in early June. The previous owner has a fabulous existing tenant who has signed a lease until May 2019. From what he’s told me she’s been a model tenant for the last 2-3 years and I would definitely like to keep her. I’m sure she signed a lease with the previous owner and gave a security deposit. Has anyone previously been in this situation? What is the best way to handle the transition? Should the lease with the previous owner be voided and her deposit returned? Then she could sign a brand new lease / submit a new deposit with me. Advice is appreciated. :-)

Thanks for posting! As someone new to this, that’s probably my single biggest worry. I have quite a large reserve built up right now and used part of it towards my first rental property. Still, the amount left makes it tempting to get another property (will still be able to put 20% down and have a good reserve). I guess it’s all about finding your own personal happy medium. I never want to be in a situation where I feel in-over-my-head.

I am. I live in Howard County but just put an offer on a home in Baltimore City yesterday for the purposes of rental. The home already has a great tenant there that has a lease until May 2019. It's looking promising.

Would love to network as well. 

Good work.

I have to build my network!