When acquiring a tenanted property, it is crucial to ensure all relevant contracts are reviewed, prior to you purchasing unconditionally.
What are the Pros and Cons to buying a property with existing tenants?
Pros
·
You won’t need to pay a letting fee or spend
money on advertising for a new tenant
·
You will save time not having to vet
applications and do bad tenant checks etc
·
Receive income immediately
Cons
·
Existing tenants may not meet your standards
·
Tenants may not appreciate your style of
management
·
Inadequate or unfavourable contract for you as
the owner
·
Tenant may see this as an opportunity to lodge a
list of maintenance requests
It pays to do your research on the tenant
by asking the landlord or current property manager and also, try to find out if
the previous owner and or Property Manager, was too complacent and did not hold
the tenant to account.
Don’t forget to use RealRenta to
automatically manage your investment property and save thousands of dollars.
Start your Free trial here: https://app.realrenta.com/Signup.aspx
Need a property loan?
Contact us @ propertyloans@realrenta.com and
we will arrange for Jon our trusted finance partner to contact you shortly.
Jason Gwerder
Monday, 12 August 2019
