If the former owner can get the rent for the time he owned it, it belongs to him, but as a practical matter he has very little leverage with the tenants now (he's no longer the owner so he can't evict) so he should just mentally write that off (and so should you, since any rent covering the time before you closed was never yours to begin with).I would have suggested just starting fresh with these people and explaining that there's a new sheriff in town, laying out the rules, saying you're tough but fair, etc.

That's fine, but your returns won't be the same if you live it versus fixing it and selling right away with fresh paint and labels still on the appliances...

The latter is more rewarding, as I get to use my cash right away, and possibly make my second purchase a live and flip.Our house is in great shape on the inside, but could use a fresh coat of exterior paint, a fresh layer of asphalt on the driveway, and some random things here and there.

They won’t be expecting the same money as their neighbors with the shiny new kitchen and fresh paint.A List Broker can help you find the hidden gems for your mailing.

You are in a referral business, fortunately or unfortunately.Get a testimonial from your client while it is still fresh your/their mind.  

Fresh paint and rocks!

Freshly rehabbed and turned over.

But if you use my formula (to be revealed in a later post), you can make friends anywhere. 

I recently had to reject a potential tenant due Their credit report, specifically, a couple of accounts are in collections.In the message I sent, informing of the denial, I simply wrote that the denial is having to do...

I own a freshly remodeled 3 bed 1 bath right around the corner and was able get 1600 per month without much trouble.