Inheriting Tenants
waiting on a closing date for a 2 family, when contract was signed I requested the home vacant which never happened, but seller said I agreed to take tenant in one apt. Now we are afraid to close due to the seller not willing to give 30 day notice or hold money in escrow till tenent moves out, I did speak with tenant and told them I would be buying the home and what rent I would want and he said it was to much , with this situation should I still close, the contract has passed 30 days, and get rid of the tenants on my own, also ther is no lease and seller is dead set on not getting tenants out.
If you back out now you loose any money you have in Escrow are u willing to do that? Since there is no Lease I would close then give your tenant a 30 day notice in writing of the rent increase, if he refuses then give him the 30 day notice vacate. Like you said, you inherited the tenants so you have to deal with them. Not a good way to start the Landlorship but that should had been one of your conditions when you made your offer to purchase.
thanks, I guess that would be the best way, This is my first investment property so I am new to this , could the tenants refuse to leave after the 30 day notice? how far can this process go?
How much did you increase the rent? from what to what? If they are good tenants consider meeting them half way. Once you come to an agreement make up a month to month Lease (available at most stationery stores)and include any additional conditions, if any. It would be worth your time and money to solve the problem, if they give you any hustle then give then the Notice to Vacate.
Eviction should be the last way out so try to avoid it. I did one myself in five weeks but through a lawyer can take up to 6 months with a fat fee.
Joe, when their Lease expired in April they have been living there on a month to month, all you have to do is give them a thirty day notice to move. The verbal agreement with the past owner goes out of the www.window.Is their deposit in escrow? it should be if the last owner had a deposit. Either way I do not see you getting a new tenant before October. You worry about a new tenant where you should be worrying about getting them out first. It sounds like a good location and it is not so hard to get tenants from the University in the middle of a semester. I am in similar location and never had problem renting 12 months out of the year. Good Luck.
OK. Thanks!
Hi-
I found a site that sells soundproofing mat to put under the carpet, if you are interested:
http://www.soundproofing.org/sales/prices.html