Acquiring a property with tenants in place--important questions to ask???
I'm considering a multi-unit buy and hold property. I own two properties already, however, I found and placed those tenants.
This would be my first time walking into a situation where the tenants are already in place. What sort of questions are important to ask?
This is what I've come up with:
--ask for a copy of the leases and tenant app. make sure every tenant is on a lease, no verbal agreements
--which lease(s) will be ending soon?
--which/how many tenants have been late? how many times?
--are you evicting any one right now?
--what improvements/updates have you done to the property in the last year? 5 years?
--any additional people in the property that were not on the original lease (given the area, I have to ask this...it's quite a possibility)
--are any of the tenants the owner's family members?
--how do the tenants pay rent? (I ask this because my current tenants pay me by only TWO methods that are SAFE for me--electronically/online or direct deposit in a special bank account)
--are appliances tenants or owner's?
**Am I missing anything??? Thanks in advance for your help BP. ;)