Buying new property with existing renters

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Buying new property with existing renters

Elizabeth Harte
Rental Property Investor · Phila, PA · Member since 2020 · 2 posts · 0 votes

If you purchase a property with renters, a lease and property management company already in place, what can you change?

Can you change the property manager?

Is there any way to get new renters?

Who gets the security deposit, if the place needs work?

What complications might arise form this situation?

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  • Julio Garcia
    Rental Property Investor · Modesto/Stockton/Merced, CA · Member since 2020 · 456 posts · 214 votes
    5y

    You cant change the lease until it expires. (start talking to them about the modifications you wish to do about 2 months prior)



    Can you change the property manager?- Yes, but if there's a contract you honor it until it expires. 



    Is there any way to get new renters? You start marketing via fb market place, craigslist, a sign out front



    Who gets the security deposit? The current seller hand over the deposit to you. 



    What complications might arise form this situation? you could get screwed over if you're not on top of it. 

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    Review the leases and rent ledgers before you buy!

    Sellers play games all the time to make their property appear favorable to increase the sales price.

    [email protected]248-209-6824
    Logical Property Management4.9460 Reviews
    WebsiteView Page
    1Reply
  • Elizabeth Harte
    OP
    Rental Property Investor · Phila, PA · Member since 2020 · 2 posts · 0 votes
    5y

    @Drew Sygit

    Thank you for the advice! Never thought to ask for the rent ledgers.

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