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#452586 - 05/17/16 08:10 AM Buying a month-to-month renter occupied home...
SSIGuy Offline
Junior Member

Registered: 05/17/16
Posts: 1
Loc: Georgia
I am in the process of purchasing a renter occupied home. The renters have lived in the home for over 3 years now. As I understand it, Georgia requires that renters be granted 60-days to move out.

I need help with the following questions:

[list]
[*]Does the renter get the security deposit back when I close on the property?
[*]Will I be required to pay my mortgage payments for 2 months while the renters live for free in the house?
[*]What type of assurances will I have that the renter will not tear the house apart while living rent free?
[*]Is this a terrible idea?
[/list]


Edited by SSIGuy (05/17/16 08:11 AM)

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#452601 - 05/17/16 11:35 PM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2232
Loc: Outer Banks
You should get the security deposit at closing because you will owe it to the renters when they move out OR you will need it to cover the damage they leave behind. You should also get a copy of the signed lease so you know what you are getting into.

you start payong the mortgage right away regardless of what the renters do. They should be paying you rent while they are there because at closing you become the new landlord. Learn what being a landlord involves.

you have no assurance what the renters will do. Have the owner give them notice to vacate now and schefule closing for after they move out, this way u will not be a landlord.

check with your lender about buying a house with renters in it. You might have to get an investor loan
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#452603 - 05/18/16 01:12 AM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7678
Loc: Vermont's North-East Kingdom
The Tenants would be living there "rent free" only if they are delinquent.

If they are in "good standing", then they paid rent to some entity . . . . either the Owner/Landlord or the Mortgagee.

Normally, collected Rents are adjusted pro-rata at Closing, so that the new Owner/Landlord is compensated for pre-paid rents for periods of time following the transfer of Ownership.

If you are not confident that the Tenants will voluntarily vacate, then do as BigToe suggested, and insist that the Closing delayed until the property can be delivered free and clear of all tenants, and after any resultant damage has been repaired.

Do you h ave a skilled Conveyance Attorney representing you in this Transaction . . . . these are all routine matters in conveying Rental Property.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#454715 - 09/27/16 12:02 AM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
ThomasWinfrey Offline
Junior Member

Registered: 09/26/16
Posts: 1
Loc: Calgary, AB
Very useful. Thanks

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#456261 - 01/10/17 08:08 PM Re: Buying a month-to-month renter occupied home... [Re: SSIGuy]
Jhony Offline
Member

Registered: 12/13/16
Posts: 44
Loc: Maharashtra > Other areas
Hi Everybody,

Purchasing a renter occupied home is not bad idea but you should check carefully the location and other things too.
You should prepare an agreement with some conditions and get signed with property owner too. Secondly renter get the security deposit back when he close on the property.

Thanks

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