Q: Gerald, we are buying a tenant occupied rental property. Do you have any advice for us? Carly, Weehawken, NJ A: When you buy rental property, you will often inherit existing tenants. The very first property I bought had a tenant living in it with a lease—although I initially planned to live in the property, the lease was still in effect when I closed so I became a landlord. Because you don’t know anything about the tenants already living in a rental property you buy, it’s important that you protect yourself. Here are 3 things you must do when you inherit tenants in a rental property: 1. Verify Rent Roll Rental property owners often misrepresent or outright lie about their […]
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