Buying A Property With Existing Tenants

[Zackarias Aitchison]

Hey!

Are there best practices when buying a property with existing tenants to make sure the owner & tenant get started off on the right foot?

I'm curious about your past experiences meeting with pre-existing tenants...

How you made sure there was a positive relationship there, as well as how you dealt with tougher subjects like changes for the tenant.

Cheers!

[Michael Platte]

Quote from @Zackarias Aitchison:

Hey!

Are there best practices when buying a property with existing tenants to make sure the owner & tenant get started off on the right foot?

I'm curious about your past experiences meeting with pre-existing tenants...

How you made sure there was a positive relationship there, as well as how you dealt with tougher subjects like changes for the tenant.

Cheers!

The seller should be able to tell you, but you could also ask to see the lease. If the tenants have been in there a long time, that's a sign that the relationship is good.

With respect to changes, in Louisiana, if the tenant doesn't record the lease and you buy the property, you do not have to honor the lease. Again, that's just in Louisiana, I'm not sure about where you are located.