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Mike Meskin's Blog

Boston Union Realty Blog

By Broker | Broker in Boston, MA

Buying a multi-family investment property Tip #2

Make sure you have a list of all the current tenants and lease terms.  You also want to know what money is being held in escrow by the current owner, ie first, last security etc. etc. Like before, have this clause added to your Purchase & Sale Agreement.  Adjustments will have to be made when the property changes ownership so you are holding the right amount of money in escrow for your new tenants.  A good way to do this is to have the seller create a spreadsheet showing all the money they're holding and to which tenant it belongs too.  

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