Previous property manager

3 Replies

I’m about to make an offer on a 16 unit apartment. The previous owner made a deal with property manager to live rent free to manage units. I manage my own properties, and plan for her to pay full amount. Is there anything i need to be worried about here?

Stephen, make sure to check the agreement that they have, it's possible they have a lease in place and if so, you'll need to honor those terms. If they do not have a lease in place, I would sit down with the Property Manager and let them know what's going on, working out a rental rate or giving them the option to vacate. Congratulations on the 16 unit!