I’m closing on my second investment property at the end of this month. The unit already has an existing tenant. I know I’ll need to have her sign a new lease agreement. What other information will I want to obtain from her. For example, is it necessary to ask for referrals, proof of employment, credit check?
Thanks in advance,
al
Where are you? This is a local question. In Texas, the lease agreement survives the sale. This means that you have the same agreement with the tenant that the person you bought the house from had. You can only get them to sign a new lease after the current lease expires. Back ground checks etc. are irrelevant because you can only throw them out if they violate the terms of whatever lease agreement they came with. In other words you bought the house and the tenant.
Thanks Blue. The property is in Oklahoma. How can I check to see if the existing lease agreement still stands? Thank you for your help.
al
In the left column, under “Investor Resources”, click on “State Property Codes”…
http://www.reiclub.com/real-estate-property-codes.php
Keith
Kieth,
My state (West Virgina) not listed, who would I need to contact to find these laws…State Housing Dept? or would this be a county or city code I’m looking for?
Yes…or the local city housing authority – either should be able to tell you…
Keith