I'm new to this so I don't know. A property I'm currently looking at supposedly has a history of rents of 2000/m income. The realtor selling the property says that the owner just wanted it empty to sell. Does this make sense? I'm sure that I'm just being over cautious but since it will be the first income producing property I have owned I don't need any surprises.
You can request copies of expired leases and contact info for those who rented.
You can request tax returns showing rental income.
Unless you are an expert in the local market I would expect some documentation.
I prefer to acquire properties vacant so tenants have to pass my screening requirements.
If you are in a good market and your property inspector doesn't find anything serious I would not worry about this.
I suggest you go to RentOMeter.com - enter the address, they will tell you what like properties in the neighborhooh rent for.
Who knows if the realtor is telling the truth or not as far as why his client is selling.
I know for myself and my business partner we prefer for the house to be empty when we buy it because we typically rehab the units and then rent them out.
As a beginning buy and hold investor who has never filled a unit before I could see how a vacant house can make you nervous. We have all been there.
Remember to factor in holding costs prior to filling in the units. My first (and only) duplex, had one tenant and one vacancy. Previous tenant has worked out just fine and filled the vacancy.
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