Buying an investment property - Payment history of rent?

[kai41314]

Hi everyone,

I am considering to buy an investment property which has tenants living there. The current lease is going to due in June next year. I want to get the tenant payment history to make sure they are good tenants but the RE agent told me he cannot get them because the owner cannot find them and the property manager only issues copies to owners not other people.

That sounds strange to me. What do I do? Do you ask tenant payment history before you purchase an investment property that is at the middle of the lease?


Thanks,
Kai

 

[Tano]

If he is serious about selling the house then he can ask the PM to send him a copy. These should be issued every month so something sounds fishy

 

[handyandy]

Pm have a thing called a ledger which shows all the ins and outs for the property.

It would be in the owners interest to provide via his PM a copy of the ledger.

PM ask each other for the tenants ledger all the time when they are checking out a prospective tenant for a property.

 

[Lil Skater]

That's very odd.

A ledger is a click of a button to get, ask the REA again - or contact the PM direct.

 

[Peterw]

The selling agency may need to have a look at the privacy statement that they had the tenants sign at the time of taking the property. While it primarily refers to the information they are providing at the time taking the tenancy, it may provide limitations on what other parties can be shown information regarding their tenancy. When people apply, they sign a consent form, allowing the agency to request the ledger from the previous agency. No consent form provided, no information released. Think in a reverse situation, if you were a tenant, how would you feel if your information was passed on. While you say you are a potential buyer, being the devil’s advocate, you may not be, and you could in fact be someone just trying to get information about someone that you wish to … well do harm to in some way. To find a solution for the situation, I think if the selling agent got the tenants permission to provide information to a say new prospective landlord, from the view that the tenant would like to stay, that should resolve the issue.

 

[esh]

Thats BS, rental ledger is the easiest thing to get. Owner can get it easily, if they are hesitant in giving it to you obviously they have something to hide. Either way that shouldnt hold you back, if numbers stack up and rental market for that area is good then why not- can always get rid of tenant.

 

[Colin Rice]

REA from my experience can be a bit slap and dash to be kind. Not all as there are some professionals in the business. Ive cleaned up many a mess due to REA lack of attention to detail with contracts etc. Ask REA again and also contact PM or principal directly.

 

[ZachAnSel]

Hi everyone,

I am considering to buy an investment property which has tenants living there. The current lease is going to due in June next year. I want to get the tenant payment history to make sure they are good tenants but the RE agent told me he cannot get them because the owner cannot find them and the property manager only issues copies to owners not other people.

That sounds strange to me. What do I do? Do you ask tenant payment history before you purchase an investment property that is at the middle of the lease?


Thanks,
Kai

I've same experience with you, if the agents still unable to provide you history of rent. You can put clause vacant property before settlement, put clause owner/property management to provide rent history in the contract, or even lower your offer

I choose vacant property before settlement last time. But you need to make sure property in the same condition, just in case tenant left unhappy.