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Updated over 4 years ago on . Most recent reply

Chelsea Jeffers's profile image
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Chelsea Jeffers
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  • from Tehachapi, CA
  • Member since Sep 15, 2020
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Chelsea Jeffers's profile image
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Chelsea Jeffers
  • Investor
  • from Tehachapi, CA
  • Member since Sep 15, 2020
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Chelsea Jeffers
  • Investor
  • Tehachapi, CA
4
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General Landlording & Rental Properties

Inheriting a tenant

Chelsea Jeffers
  • Investor
  • Tehachapi, CA
Posted

I am a prospective buyer in the process of making an offer on a multi family unit.

I was able to read the current lease agreement for one of the tenants currently occupying the property.

There was no security deposit obtained.

Is this a red flag?

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Paul De Luca
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  • from Chicago, IL
  • Member since Aug 18, 2018
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Paul De Luca
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  • from Chicago, IL
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  • Chicago, IL
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Paul De Luca
  • Real Estate Agent
  • Chicago, IL
Replied

A red flag? Not necessarily, but perhaps unwise. Maybe the landlord only asked for a non-refundable move-in fee. I know that is pretty common in the Chicago market due to strict laws regarding security deposits.

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