Posted by Natalie-VA on October 31, 2009 at 21:58:44:
In Reply to: Obama's New Tenant Law....(sigh) posted by acw on October 30, 2009 at 18:45:12:
It's definitely a concern, but not a deal killer. Keep in mind that the tenant must prove he has a lease, and he must be paying market rent. If I am looking at buying a tenant occupied property at auction, I make sure that market rent would cover my carrying costs. If the property is in a price range where market rent would not support my buy price, then I reduce my buy price. I haven't had any issues so far since I haven't bought any tenant occupied foreclosures since May. Non payment of rent would not be an issue since I would file for eviction immediately if the tenant did not produce the rent.
Another investor I know had a tenant try to tell them that they had a 3 year lease. The tenant also happened to be the listing agent who contradicted that info in the MLS listing when they had tried to sell the house. Then they tried to get several thousand dollars in cash for keys out of the investor. If a tenant dealt with me that way, they would end up a notice to vacate just for trying to take advantage of the situation.
--Natalie
- Natalie... acw 22:08:52 10/31/09 (3)
- Re: Natalie... Natalie-VA 08:00:08 11/02/09 (1)
- Natalie....! ! acw 21:40:18 11/02/09 (0)
- Re: Natalie... Dave T 14:04:22 11/01/09 (0)