Buying rental property with existing tenants
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?