Hey I'm back BP Fam,
What's your checklist when inheriting a tenant for a house hack of a 2-4 multi-family property. I may be in this situation very soon. Rents are current paid on time according to the rent rolls, property is kept clean, everything appears well on paper, but what are you doing? I want to hear from others who have inherited tenants and their process of starting the relationship? Thank you.
Make sure you get signed leases and deposits! You might want to get their background / credit report as well. You want to make sure you haven't inherited terrible / or shadily placed tenets even if there are no immediate signs of danger.
-Speak with their manager to verify employment
-Signed Leases and Deposits
First thing I look at is the very strong potential that I'll have to replace that tenant. It's probably 50/50 that the tenant leaves and needs to be replaced.
Obviously the leases and deposits . I’m not sure what you are implying because your stuck with these people when you buy the property and must honor the leases so there’s not really any screening that can be done at this point . none of my inherited tenants I have would pass my screening .
Esstopal letters, copies of signed leases, be prepared to replace inherited tenants.