Existing Tenant Leases - Posted by Manuel

Real Estate Investing
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Posted by InfoNet on July 07, 2001 at 23:31:58:

In my humble opinion, I would do this if I were in that situation…

  1. Ask current owner to show you actual leases for all tenants.
  2. Ask to view income records for rents. (They may refuse saying it’s none of your business)
  3. Have them sign a document (in witness of an attorney) that says all tenants are paid up to date and that there are no forebearances or special “discounts” extended to tenants that are not spelled out in the lease.

Question: is there a special reason that you might suspect erroneous information from the current owner?

As far as BAD TENANTS, that you’ll have to look to someone else to answer. I’ve been primarily involved in flipping properties rather than renting for now.

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Existing Tenant Leases - Posted by Manuel

Posted by Manuel on July 07, 2001 at 18:39:14:

Hello Everyone. I am looking into buying my first 10 unit mulit-family property. My question is how (if possible) can I find out if the current tenants are paying the present owner? Is their any precautions I can take to make sure or weed out the bad tenants? Thanks for all your advice as always.