Won a auction on a duplex. Has tenants in place. Will have both fill out new leases. they are asking me about deposits and if they will get them back. I'm pretty sure they won't as it's foreclosure. The question I have is do I insist on new deposits??
My guess would be that if you ask for new deposits they will move out fast.
Though the home is a foreclosure, who were they paying rent to prior to you purchasing?
My gut from experience tells me they will move out very soon. Might be best to get them out so you can go in an refresh the place and start out on a new foot.
They haven't paid in about 4-5 months lol living rent free. I want to keep them there bc they both have been there for over 4 years.
Why would you want to keep tenants that haven't paid rent in months when you can have new ones with a new lease and deposit that will pay rent? Who knows how reliable they were before, but if they've gotten comfortable living rent free, my guess is you'll have some hurdles with them, and perhaps some demands for repairs.
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