All Forum Posts by: Dylan B.

I think it may be a little late for now that you have purchased the property.    I am not well versed in this myself however I am going through a similar issue right now.  (I had the tenants and owner sign estoppel agreements)  You will more than likely have to give the security deposits back. 

I am interested to see what other have to say on this topic.  

@Jenny Adel I would agree with the posts above. I am dealing with a similar issue at the moment unfortunately. 

I would revamp your lease to include after lease period is up, it goes to M2M basis, have an attorney to review it to ensure its rock solid.  If you are already increasing the rent, and the current tenants are okay with that, have them sign another year lease so they are locked in at that rent rate. 

Welcome to BP!  Soak up all the knowledge you can on here, this is one of the best places to do it. As stated above check out the podcasts, blogs and get involved on the forums. 

I have in my leases that once the lease period is up, it goes to a month to month basis. 

Depending on your market it may take some time if you are looking on the MLS. I know in my market right now the inventory is low. Get in touch with your local REI clubs and let them know what you are looking for.

I would suggest getting some experience with it before attempting to open your own company. 

Based on the numbers given, it looks like a good deal. However have you thought about leveraging the property to increase your ROI and use the cash you have to put towards other investments? I understand the consequences of leveraging, however just suggesting an alternative.

Thanks for all the replies and for asking this question.  I have been contemplating the same question after listening to several of the podcasts.  Good information!

@Tracy Streich That makes perfect sense I will make sure to pass this information along to my realtor. 

Thank you all for the feedback.