- June 15, 2022
- Thomas Adam
- Real Estate
Florida is a great place to purchase real estate. The state has a strong economy and an expanding population, which means that there is always a demand for rental properties. As such, many investors buy property in Florida with the primary intent to rent this property.
So, if the goal is to rent the property you purchase, and you get one that is already tenant-occupied for sale, should you go for it? Well, the answer to this question depends on a variety of factors, including your own financial situation and the current state of the market. However, if your answer to this is yes, maybe because you are getting a good deal and the property is in a desirable location, below, you will find some important things to consider before sealing the deal.
What to Consider Before Purchasing Tenant-Occupied Real Estate
There are many things to consider when purchasing tenant-occupied real estate. Florida real estate attorneys of the Adam Law Group outline some key points to think about before buying:
- It is important to understand the legal protections offered to tenants in each state. In Florida, for example, tenants have significant legal protections and can be difficult to evict without proper documentation and process.
- Given the point above, it is important to review the tenant’s lease agreement carefully and make sure you are comfortable with the terms. Some things to look for include the length of the lease, rent amount, and any restrictions on subletting or assigning the lease.
- Be aware of any existing damage to the property and whether the tenant is responsible for repairing it or if you will be doing so as part of the purchase price.
- Be aware of any existing tenant problems, especially if you are purchasing the property at an auction.
- If you are buying a property that is in foreclosure, ask the lenders and other investors for copies of the loan agreements and contracts that form the basis for their claims against the property.
- Finally, it is important to consult with an attorney or real estate professional who is familiar with tenant-occupied properties in your area. They can help you navigate the buying process and make sure you are making a smart investment.
Adam Law Group
It is important to weigh all the pros and cons of purchasing tenant-occupied real estate in Florida. While there are some risks involved, there are also a number of potential benefits. If you are able to carefully assess the situation and take the necessary precautions, purchasing tenant-occupied real estate in Florida can be a profitable investment.
Always consult with an experienced attorney at Adam Law Group before purchasing any property in Florida, but especially tenant-occupied real estate. The legalities involved in these types of transactions can be complex and tricky, but we can help you make an informed decision about whether or not to purchase a particular tenant-occupied real estate property in Florida.