All Forum Posts by: Aaron Lathan

Hi Aaron,  I bought a 4 plex that was already tenanted.  I will start with the fact that I had to evict all of the tenants.  The "Broker/Property Manager" filled the unit with tenants because he thought it would be easier to sell and he thought I would retain him to manage the property.  Because he was unable to produce a rent roll and other small issues, I didn't even consider him as a potential property manager.  I also lowered my offer because I didn't know what I was walking into.  Good thing as I ended up walking into six months of no rent.  

Despite this complaining, this has worked out okay for me.  The units are in a coveted area because they are across the street from the best elementary and middle school in the city.  Now that they are rented to vetted tenants, I get above market rents.  

Others may want to weigh in but I don't buy properties that I haven't personally visited.  I visited this property prior to purchase and declared it as business travel.  

Finally, you will want to ask for all contracts pertaining to the property.  You want to make sure you are not stuck with the prior owner's property manager, refuse collection service (unless it is a really good price but you may be able to negotiate a better price), yard maintenance, etc.  

Good luck!  Teresa