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

 

More Articles:

Standing in Landlord Tenant Court

Landlord Tenant: Eviction kit

Comments are closed.



The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan