If you’re buying a property with existing tenants, you might feel a bit nervous. And, if this is your first deal, you’ll want to follow a few key tips as closely as possible, or you might end up with a destroyed unit, no rent checks, or a vacant property. But buying an investment property with existing tenants isn’t always tricky. Sometimes, it can lead to instant cash flow, a fully-occupied unit, and passive income without much upfront work. So how do you make your property follow the latter scenario? Keep watching!
Ashley Kehr, co-host of the “Real Estate Rookie Podcast” and author of “Real Estate Rookie: 90 Days To Your First Investment,” has had MANY properties with inherited tenants. Some she’s kept for years, others she’s had to evict as soon as their lease expired, and many properties fit somewhere in the middle. She knows that what you do BEFORE you close on the property can significantly change the outcome of your investment. So what exactly do you do?
Ashley will lay out a few key steps you should follow as soon as you have a tenant-inherited property under contract, which forms are crucial for you to fill out, and how to ensure you’re entering ownership with security, not a lack of sanity. So don’t worry next time you buy a house with a lease in place. You can still make a steal out of an inherited tenant deal!
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Join BiggerPockets for FREE an Investor-Friendly Agent in Your
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Pre-Order Ashley’s New Book, “Real Estate
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Hear More from Ashley on The “Real Estate Rookie Podcast”:
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Reduce Your Risk, Use An Estoppel Agreement (Free Form Included):
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How to Handle Inherited Tenants—Reviewing Leases, Raising Rent &
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Informing Inherited Tenants of a Change in
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Connect with Ashley:
BiggerPockets:
Instagram: @wealthfromrentals or
Recommended Reading >> bit.ly/32kRpzw
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