Show116: Buying and Selling Properties with Tenants in Place: What You Need to Know

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Buying and Selling with Tenants

When it comes to both buying and selling property that has tenants in place, it can get a bit tricky for the landlord and investor.  What's most important is that when it comes to this topic you need to understand that tenants have rights.  Even if it is your property that you are trying to sell, you can't necessarily spring the news on your tenants the day the property goes on the market.

Especially if they are in a long term lease with you.

The biggest thing to keep in mind, in both cases, is that these are real people living in these properties and this is 'their home' so to speak. So working with home sellers on an offer for your home and them having to potentially move can be met with some resistance.  You want to remember to treat them like you would want to be treated.

Not to mention that there are state laws that require it.

Even when buying a property that has tenants in place, in most cases you can't come in and make a ton of changes to what's been happening right off the bat.  Again, if long term leases are in place there's very little that you can do until that long term lease ends.

In this episode, Emily and Kirk break down both sides of this spectrum and share what sorts of rights the tenants have in each situation and how you need to think about making the transition as easy as possible for the tenants in place.

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 In the show we discuss:

=>tenants' rights living in rentals

=>why you need to be considerate of the major change that will be happening to hem

=>the laws that exist for buying and selling properties with tenants

=> and more...

Links Mentioned in the Show