Purchasing a home with current tenants? in KCMO
I am looking to purchase my first rental property using a HELOC- thoughts on buying a home with current tenants inside? M2M on one and a year lease on the other-thx
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Good tips above. You can ask for rent roll, and make sure there is an estoppel clause for tenant rent rates. I'd suggest having your own lease agreement, or if you can get the previous owner lease then add things to it you would like. Make sure it is reviewed by an attorney. There are also sample leases for each state available from BiggerPockets.
People sell for various reasons.. from headache tenants to they just don't want to do real estate anymore. Do your due diligence on the property and tenants to make the best decision possible.