Posted by Vic on April 14, 2000 at 01:46:39:
Like Joe, I use those same techniques. You can find out all kinds of things about the property from the tenant. Some are real, some are exaggerated & some will even make you think twice about buying the property. Whether or not the comments are indeed true or not, is something you’ll have to decide for yourself. Sometime tenants will tell you anything to keep you from buying the property because they’re afraid their rents will go up.
The way I usually handle this, after doing the above, is after the sale, I’ll go & talk to them. Have to go talk to them anyway, cuz I usually have to increase the rents, if I’ve bought right. At that time, I explain what my rules are & have them sign an agmt. that stipulates that I’ve explained the rules to them. Some will get upset that rents are being raised & want to move, so I try & do these one at a time, in case they do move, I won’t be totally vacant. For me, this has worked out OK so far. I have thought about using that propety mgmt. technique written about above, buy haven’t done so yet.