Vetting tenants of occupied duplex before purchase
We are about to purchase a duplex with tenants in both sides. However, when asking current landlord for their due diligence on background checks of the tenants he doesn’t have that. We are asking to vet the tenants before the sale and the seller doesn’t think it necessary or customary and doesn’t want to bother with it....even if we are paying. Is this reason to walk? Not really a screaming hot deal but a good addition to portfolio. LMK your thoughts.
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This is one of the main reasons to use Estoppel Certs. Signed by tenant and LL it lays out what has been paid and when. Today more than ever tenants are the risk because in most places good or bad you are stuck with them. Many investment sales taking place are sellers wanting to unload bad tenants.