All Forum Posts by: Account Closed

Good info guys, thanks. About switching them to your own lease - that was a big questions of mine. I understand they won't get kicked out because a new landlord bought the property, but how do you go about switching them over to your own lease? My thoughts (and I am new, so who knows if this is a good idea, legal, etc.) would be to have them sign a new lease with me (and MY conditions) and at the same time extending their term giving me a good chance at a solid year of no vacancy. What are your thoughts on that?

It seems that owning rental units is pretty cut and dry. Buy a house and rent it for more than your expenses are. I understand the financial calculations and how to find tenants and can do most any home repair. It seems the hard part is finding deeply discounted properties that will produce a solid cash flow. Where do you all look for these homes?

Hey folks, I am ready to start investing in rental properties and am meeting with my realtor soon. A lot of the places I have been looking at are currently fully rented out. It would seem that this is a positive, instant cash flow and all. What are some of the things I need to consider about existing tenants? How does the whole lease contract issue work? Do they just continue to operate on their original lease, or will I need to have new ones worked up? I have heard I should run a credit check on each of the existing tenants. I have also read that I should verify their rent payments (have they been paying on time, etc.) All in all, it would seem to be a positive thing to have existing tenants, what are your thoughtts? What factors am I not considering?