Real Estate Investor · UT · Member since 2014 · 10 posts · 0 votes
I'm trying to buy a multiplex student housing property. Rents have already been paid for the end of the year (Sept-December). I'm about to make an offer, but I need the cash flow and rents for the next 3 months that are remaining until the next Semester (January - April) begins.
How do you handle such a situation? I think I should be able to get those rents from the date of close to the end of the Semester. Thoughts?
Just make sure to get their parents to co-sign the lease. This is the most guaranteed way to handle it. It is easy to do nowadays if you know how to use DocuSign or any other signing service.
Simple-the offer says you get the prorated rents that have been paid. Also make sure you get the deposits as you are going to be the one who has to return them. This is pretty standard when buying a tenanted property.
You also want copies of the lease and make sure they are notarized, so you know the information is correct.