Buying a property with a tenant

[Giovanni Branch]

What would be the pros & cons of purchasing a property with a tenant from previous owner?

[John Warren]

@Giovanni Branch this is an interesting question for sure. The pros are that you can often times inherit a wonderful tenant who will live in the property for a while. I have some tenants that I inherited in the Berwyn and Lyons areas seven years ago that are still in place. I have had zero issues with them, and they are great people who I hope live in the building for seven more years! 

The cons are obvious. You could inherit a non paying tenant who causes a lot of issues. This is obviously not great, and can cause you some serious headaches. I have found that, in general, most of my inherited tenants have worked out just fine. Only a handful have had issues.