Inheriting 3 year lease tenant, no proof of payment

Inheriting 3 year lease tenant, no proof of payment

Member since 2020 · 6 posts · 0 votes

Hi BP Community,

Currently on my way to purchasing my first property which is a duplex. However, after weeks of asking and waiting, the landlord finally doctored up a 3 year lease (handwriting/both signatures for the owner and tenant are the exact same handwriting), he refuses to give me deposits of proof of payment, yet insists this tenant is a great tenant. Would an estoppel be good enough to move forward with this purchase? Or should I walk away as this is some funny business. With the eviction moratorium constantly be extended, I want to protect myself as much as possible from the possibility of dealing with a non-paying tenant. 

-Havent signed contract yet nor got an appraisal. So unaware if the house is worth the price yet, but high chance its worth the price, not necessarily "a deal"

Any advice is appreciated!

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  • Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    @Dajah C.

    Have the tenant verify that is their current lease, then that would be fine.

    No proof of income would be a walking or big discount sticking point for me. Alternative is complete your own credit check on the tenant to analyze the risk yourself. Covid non payment situation would not be caught by that though....

    Good luck

  • Member since 2020 · 6 posts · 0 votes
    5y

    Thank you for your response! How would one catch a non-paying covid tenant situation?

    @Todd Rasmussen 

  • Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    5y
    Originally posted by @Dajah C.:

    Thank you for your response! How would one catch a non-paying covid tenant situation?

    @Todd Rasmussen 

    You'd have to get proof of deposits or quantify that risk in an allowance from the seller at closing.

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