I am purchasing a triplex that tenants just signed leases in March that are good for 1 year. I was wondering if it is possible to renegotiate those leases being the new land lord or am I stuck with under market rent for the next year?
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
6y
@Richard Young when you buy a rental property with tenants you are buying the leases too. So you cannot change the terms until the leases expire. Your due diligence process should include a thorough review of the leases, deposits, last month's rents etc. Look up Estoppel Certificate. All the best!