All Forum Posts by: Christina J Smith

@Columbus Wilson - I would love to connect with another fellow Columbus investor! I just sent you a message!

I like it to buy rentals that already have tenants since I step immediately into a situation where I have income.  Now you definitely want to find out about the tenants, the lease, in terms of the lease, etc.  In addition, it is important to make sure that you get something in writing about the security deposits and put that as part of your contract so when the tenants leave you have their deposit to give them (if they have meet all conditions of the lease).  Remember you don't have to keep those tenants in there forever that's why it's important to find out the term of the lease so that at the end of the term you can renew the lease if you like them or remove them if you don't.  Another idea is to get an estoppel letter from the tenants stating their current rent payment and the amount they put as deposit to make sure that what they say and what the seller says is the same.  An estoppel certificate establishes the current status of the lease terms for a third party.