roommatesThere are many ways to invest in real estate. Some people buy up houses to flip them, others invest to rent them out and earn what we hope is a steady income from them for the long-term. If you own your home and need to move quicker than you can sell your current property, you may choose to rent that out while you are away.

Just as there are many ways to fall into the rental business, there is more than one way to find yourself with a tenant. You may go the traditional route by posting advertisements for your rental property, screening applicants thoroughly, and finally choosing the best fit. If you've bought a property in a college town that your child is attending university in and they have a roommate move in, you may find yourself playing landlord in that fashion. Finally, when you invest in a new property, if it was a rental before you bought it, you may inherit a tenant along with the property. The last one can be a bit daunting because you will not have had the control that you might have had in the other scenarios. You didn't screen them (hopefully their prior landlords did) and you are bound by the lease that they've signed, even though you did not.

This isn't necessarily a bad thing. As long as the prior landlord did their due diligence with the individual that is currently living there, this means that you already have a tenant and don't have to worry about marketing your new property. If you do need them out for any reason, you will need to check their lease and your local laws to see what the best route is. You can't simply kick a tenant out that was already there.

POSTED July 09 2014 10:44 AM

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