Taking over existing tenants
Hello Everyone,
I am due to close on a property that has an existing tenant. Long story short, I found this property off market. The current landlord was to sell this property and would have needed to evict the tenant. The way i found out about this property was through one of my existing properties that I had listed for rent just a few blocks away. The current tenant visited my property and asked if I could lease it to her. I told her that I couldn't due to her not so great credit score because of a recent bankruptcy. Bankruptcy was due to medical bills. I told her that I could purchase the property off market if her landlord agreed to it and I would keep her as a tenant. She gave me her landlords number and he was interested selling off market. I own other properties but never bought with an existing tenant. Anything I need to know in terms of how to proceed once I close? Anything important I need to ask or find out? The current landlord and his wife (who was the agent in this transaction) were extremely nice and very helpful. I trust them and i do strongly believe that I did not inherent a bad property or bad tenants. Having said that, I still want to do my due diligence by getting some advise.
Thank you,
Most Popular Reply
@Nadir M.
I would get some form of rent roll proving that the tenant is paying the rent monthly and they aren’t behind on rent.