Buying Property with Existing Tenants

On February 21, 2013, in Landlord-Tenant, by Robbie L. Vaughn, Esq.

Purchasing Occupied vs. Purchasing Vacant

Should I buy a house that already has tenants?

Maybe.

We have represented many Landlords who have purchased homes with existing tenants. In our experience, this has not always gone well for the new Landlord. Many of the new Landlords have ended up starting an eviction action against the existing tenants shortly after the closing.

However, many of our clients are real estate investors and have factored into the purchase price the cost associated with an eviction. In fact, many have weighed these factors well in advance of buying the property and actually end up getting a “better” deal because of the existing tenants. They normally won’t buy the property with existing tenants unless they are getting a very good deal.

Personally, I like to find my own tenants. However, as stated, there can be advantages to buying a property with existing tenants (e.g. instant rental income, lower purchase price, instant occupancy for security purposes).

Therefore, you need to carefully consider many different factors before you decide to purchase a home with existing tenants.

Nassau County Landlord Tenant Attorneys

Call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 for Landlord Tenant assistance

 

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