by Teri Karush Rogers
Q. Is there any downside to buying an apartment with a renter in place, beyond waiting until the lease expires? Should I expect a discount off of the sales price and if so, how much?
A. Much of the answer depends on whether you plan to live in the apartment yourself or rent it out as an investment, as well as on what type of tenant is currently in place, say our experts.
“If you are buying the apartment for investment and wanted to rent it out anyway, then it could be a great bonus to have a tenant in place already,” explains real estate attorney Adam Stone of Regosin, Edwards, Stone & Feder. That’s because you’ll have an immediate revenue stream and won’t have to worry about negative cash flow while trying to find a tenant getting him or her approved by the board…
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