This week’s question comes from Joaquin) on the Real Estate Rookie Facebook Group. Joaquin is asking: When you purchase a property with a tenant already in the middle of their lease can you increase their rent or do you have to wait until their lease is up?
Inevitably, you’re going to come across some** deals that have renters in place**, but whether you want to keep them on as tenants is up to you. During this time of eviction moratoriums), you may be questioning whether or not an inherited tenant) is worth the hassle. Here’s what Tony and Ashley think:
An inherited tenant can save you a lot of hassle, but you need to be sure they’re a tenant you want
If there isn’t a lease in place, make sure you** get an estoppel agreement) signed**
Request rent rolls from the seller to make sure tenants are paying
You can raise the rent once a lease is up, but be sure to **check with local laws **on how quickly you can do so
If you’re inheriting problem tenants, make sure you** get the property at a deep discount **
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group)! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie84
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