Updated about 5 years ago on . Most recent reply
Buying a Rental Property with Tenants
I'm considering buying a duplex property, but the GSMLS states that the renters' lease does not expire until 2022 and 2025. In addition, the rents are about 15% below the average for this area in New Jersey. Can I have them sign a new yearly lease with higher rents or if I buy the property do I have to stick with their original lease. I'm assuming since I'll be a new landlord their lease is voided??
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THe original lease stays with the property, so only buy it if you are willing to stick with these prices for the duration.