This Audience Question is submitted by Joan P. Thanks Joan! Good luck on your real estate investing!
Yes, purchasing tenant occupied property can work out, you just need to do your due diligence. This involves seeing 6 months of rent payments, doing a walk through to see how the tenants are keeping up the house, viewing the current rental agreement, and adding and an addendum to your sales contract that clearly states who is in charge of repairs, giving notice to tenant, and even that at end of their contract, if they choose to stay, they need to go to a rental application with you (the new owner).
I just ask that when you finally purchase your first property, you come on the show to be a success story 🙂
*I am not a lawyer and this can not be construed as legal advice.* I am just giving you my thoughts and ideas, which I have also gained from consultation with real estate lawyers.
6 Comments
Good to see another fellow engineer using all her talents.
Lisa, I am a budding future real estate investor with no official mentor, guidance or capital to invest with but the free knowledge and advice based off your own personal tried and true experience is invaluable and very much appreciated. You are a “god send” and with your techniques I am very confident about pursuing my ambitions in real estate despite any obstacles that may present themselves. Thank you so much!
Thanks Lisa.Great info
you have me inspired 🙂
What camera are you using to do your video’s? I like it….