Rental Property Question

[Holden Davenport]

I’m considering purchasing a two family rental property with Pre-existing tenants. Thank you

Is it customary to ask for some sort of proof that tenants are paying rent. And what kind of proof can I/should I request.

[Marc Winter]

Yes, definitely require rental history and verification of the last 3 (three) months proof of payment.  Could be receipts, canceled checks (front and back sides) or even bank statements showing withdrawals/deposits.  Just get something that shows the tenant payment pattern.

Also review in detail the lease or rental agreement they have, and proof of security deposit (if any).  You'll also want to do a personal walk-through in each unit.  Get a gut-feel for what the conditions are like and 'vibe' of the tenants themselves.