Assuming Sellers Tenants - What To Do?
hello all,
I will be closing on a 4-unit and a duplex at the end of this month. Currently I only have a SFH that gives me zero problems. The duplex has tenants that will be good and that property shouldn't require hardly any work. Now the 4-unit is a diff. story. I really don't like the tenants that he has (1 vacancy & 1 family has 2 units) so can I do anything about this? Also, what do I need to do as a good Landlord after closing? I was thinking about writing each of them a letter basically just stating that I'm the new owner and there old contract is still in place then going over the important things to make sure we're all on the same page. Anyone have a letter they can send me? Is there anything else I need to do? Should I lay the law down immediately about late payments? These are all low income units.
Thanks so much!
I just bought a quad plex. I wrote up a one page letter to introduce myself, tell them where to send the rent checks, and to let them know that their lease is still valid even though there was a new owner. I personally met with each tenant (just dropped by), gave them the letter, reviewed the letter, reviewed their lease, and updated the names, ages, and contact info for the people living in the unit. I empasized the amount of rent due, and the due dates. Told them that I did not know how the ex-owner operated, but that I am very strict about the rent being received on time. Two of the tenants were nasty and told me flat out that they always paid the ex-owner 500, even though the lease said 545. I told them that I would not accept less. One backed down and the other is still being a pain in the butt. It is definiately bumpy buying from an lazy or bad landlord. I eventually evicted one tenant, one moved out, one changed their ways and stayed, and I am looking to push the 4th one out. But, I just moved in a nice tenant and will fill the next vacancy with a nice tenant. I will change the building. But it has been expensive in the eviction and loss of rent.
Brenda
a friend of my has a number of rental units not far from where he lives.
He keeps the grounds neat and clean. And he keeps the interiors decent.
By his presence around there, the rift raft does not stay long, they offen move out rather quickly after he buys a place. and he is very selective in who he rents to.
treat your property with respect and more often than not, the the tenants will too.
as soon as the lease is over go to a month to month, and regular rent increase's, say every three months, is a way to nudge them out.
Quote:as soon as the lease is over go to a month to month, and regular rent increase's, say every three months, is a way to nudge them out.Be Careful with this strategy. Frequent rent increases can be seen as punitive and a violation of the landlord-tenant law. If the courts decide in the tenant's favor, could be costly.
As you are the new tennant you can have them (as part of your contract) sign new contracts with you. If you want them gone make sure the price is very high. If they want to continue to pay then great...if not you will have someone else move in that you like better.
You state you dont like the tennants? Why is this? Do they pay on time? If late do they always pay and with the late fee? Do they trash the place?
To me I could care less if the person is nice and friendly...as long as they take care of the property and pay on time or pay each month (with late fee), and they know I am the boss.....everything is good.
Just my two cents.
Quote:As you are the new tennant you can have them (as part of your contract) sign new contracts with you.
jjetts4,
Actually you can't do this. As the new owner, you inherit the tenants and the previous leases. You must honor all current leases in effect.
You can always ask your new tenants to sign new leases, but you can not require them to do so if the old lease has not expired.
I said I don't like the tenants which I guess isn't entirely true. The one tenant is an extremally nice refugee from Liberia that just came to the US about 4 months ago and has 4 children. She works two full time jobs and pays on time. The current owner rented her two units and opened the door between them and gave her a 20% discount per unit. So basically I'm losing $200/mo by having her there. Another tenant just doesn't pay regularily. I would like to start fresh with my own tenants. But will work with them until there leases are up.
Quote:
On 2004-11-20 17:59, jjetts4 wrote:
You state you dont like the tennants? Why is this? Do they pay on time? If late do they always pay and with the late fee? Do they trash the place?
To me I could care less if the person is nice and friendly...as long as they take care of the property and pay on time or pay each month (with late fee), and they know I am the boss.....everything is good.
Just my two cents.