Condo with existing tenant

It all comes out of the seller. And I think he gets the security deposit too. He has to walk through and hold $$ out of the tenants deposit if necessary. Otherwise, he keeps all of the deposit, and you pay it all back to the tenant. That's not smart.

thanks needsadvice... we are keeping the tenant though, so the seller will be signing over the sec deposit to us at close...

Then you better walk through with the seller, or the tenant will say EVERYTHING was "that way when I got here".

What kind of damage are we talking about?

none hopefully... just anticipating the worst, just in case!

Hi Buyer222 -- If you notice any issues during your walk-through, bring to your attorney's attention right after so they can be properly addressed/resolved before or at closing. When doing a walk-through, here are some helpful tips: a) Flush all toilets, b) Look under every sink to inspect the pipes for water damage/leaks, c) Run all appliances (dishwasher, washer/dryer, microwave) to ensure all are in good working order, d) Check all windows for cracks/damage, e) Turn on showers & faucets to make sure all is running properly, f) Check all outlets (hint: use a nightlight :), g) Look for any obvious signs of leaks/water damage, so check out the ceilings throughout, including ceilings in closets, h) Turn on all lights to make sure electricals are working properly. Hope that helps!

Jordan Cooper
Partner
Cooper & Cooper Real Estate
Residential Sales & Rentals
C: 917-853-9468
E: jordan.cooper@coopercooper.com

thanks cc listings - very helpful! so it sounds like if we find any issues, we should look to the seller (as opposed to the tenant) to remedy or reduce price for same?

hmm good question. you should probably negotiate with the tenant on the selling price.

Are you sure you know what you are getting yourself into?

gcondo says: Are you sure you know what you are getting yourself into?

Good question. For buyer222: Your main concern is and always will be cashflow. When I first started out my mentor warned me about cashflow but I was not concerned. Mistake. But you live and learn. Real estate is not, I repeat, not liquid. Your scources of income will be your rent of course and your investment property tax savings when you file. Budget accordingly. Set up a spreadsheet.

(1) Don't be greedy with rent. When your tenant leaves be competitive with your rental ask. You never want to lose a month. April-Aug is the best time to get your rental rented.

(2) Never take the last month's security as your final month's rent. Your apt s/b left in the exact shape that you first rented it. A tenant of mine painted without telling me and I kept his security to repaint to a more nuetral color.

(3) Set up a direct deposit for the rent. Forget checks.

Not brain surgery(above). I think you are making a very smart move. Everyday inventory gets tighter and imo the next 2-3 years supply will drop significantly. In 5 years you will look back and say "Wow I'm so glad I bought, who was that guy who did all that!"

Good luck. have a great weekend.