No Leases or Rent Roll? Previous Owner Flipped from Auction!

[Ashon]

JP,

Thanks for the insight on what can go wrong in my situation!  I appreciate it!  It has given me a lot to think about as I continue to progress in R/E and small MF's.  Fortunately I may have dodged a couple of bullets on this one, as I just received notice from the seller that all tenants have agreed to vacate the property. 

Now to worry about what kind of damage they are going to do to the units, and what condition they will be in when vacant.

[jfpen]

JP,

Thanks for the insight on what can go wrong in my situation!  I appreciate it!  It has given me a lot to think about as I continue to progress in R/E and small MF's.  Fortunately I may have dodged a couple of bullets on this one, as I just received notice from the seller that all tenants have agreed to vacate the property. 

Now to worry about what kind of damage they are going to do to the units, and what condition they will be in when vacant.

      That's good. Don't close on this until they've moved out. The agent will pressure you to close. Don't do it. Get a quit claim deed signed by each of the tenants that relinquishes any leasehold interest or any other interest they might have had in the property. Do Not close without examining every unit for damage!! Renegotiate damages if any.

     After you close, immediately put a "For Rent" sign in the front yard. Make sure your phone number is visible. I use the large sticky numbers on my signs. When you have a close date, I would put ads on Craigslist using Postlets.com for the formatting.  If the units aren't too bad, take pictures on the walkthrough for your ads.
     The two things to focus on are "Curb Appeal" and getting whatever units need the least amount of work to be rentable.

JP

[Ashon]

      That's good. Don't close on this until they've moved out. The agent will pressure you to close. Don't do it. Get a quit claim deed signed by each of the tenants that relinquishes any leasehold interest or any other interest they might have had in the property. Do Not close without examining every unit for damage!! Renegotiate damages if any.

     After you close, immediately put a "For Rent" sign in the front yard. Make sure your phone number is visible. I use the large sticky numbers on my signs. When you have a close date, I would put ads on Craigslist using Postlets.com for the formatting.  If the units aren't too bad, take pictures on the walkthrough for your ads.
     The two things to focus on are "Curb Appeal" and getting whatever units need the least amount of work to be rentable.

JP

I made sure that the addendum stated, Due Diligience Period to Begin anew when all units are vacated or acceptance of new leases.  Which will give me another 10 days after it is vacant too inspect and begin the negotiations anew. I will definitely look into postlets, but having a fulltime+ day job, I intend to run my units passively, so that I don't get landlorded out of the game. So I will begin my search for a Property Mgmt Team, and have them ready to fill units. 

[Gold River]

Hi,

    This is why I don't buy apartment properties that just came through foreclosure!

Since tenants only know the property was foreclosed on when their notified and told, 90 days to get out within!

I hear you keep saying "Negotiate new contract" but if tenant say's I have a lease that does not expire for 5 or 7 more months or more your stuck with their existing contract, when they present you a copy of their lease reguardless of monthly amount, your stuck! (However they do have to start paying you as agreed.)

And don't let the state or feds hear you forced the tenant to sign a new lease without informing them they have a right to stay by federal law under their current lease!

                   
                         GR