Updated about 6 years ago on . Most recent reply
First property under contract- no security deposit
My husband and I just put our first property under contract! A 4 plex we think we got for a really good deal. The property comes with 2 month-to-month tenants who are employees of the old owner's restaurant. As part of the purchase agreement, the old owner is going to pay the difference between their rent and market rent so they can stay in the 4 plex for 6 months. However, because they are his employees, they don't have a security deposit. Any ideas? Do we just hope they don't damage anything?