No More Gas/Electric Included!
Hi everyone,
Has anyone had any experience with taking over as the new landloard and no longer honoring the gas/electric included as part of the rent?
I recently aquired a multi family property where the gas/electric is included as part of the rent and that amounts to a 12,034yr expense for me. I would rather have the tenants pay for their own gas and electric.
However, realizing that this would be a blow to their financial situation, I would prefer to give them a $30 discount off their rent if payment is received on or before the 5th of every month. Should I do it this way or just leave things as they are? I need more cash flow!Please let me know what you guys think.
Double BB
Rental property with tenants in place is purchased subject to the existing leases. You have to honor the terms and conditions of existing leases.
You can always ask these tenants to sign a new lease with you, but you can not require it before their current leases expire.
What if it is a tenant at will situation? ...where there is not a lease with a specific term e.g. one year
PushCart,
8-) 
I have my Real Estate license in Texas and usually if the leases are just on a month to month basis, either party is required to give a 30 days notice. Thats how it is in my Real Estate commission contracts.
You might want to go to Barnes & Noble or www.Amazon.com and buy a Property Management Book for your State. It is usually the same text that agents use to get their license. It can be very helpful.
:-D
Thanks for the responses. Can someone share how they dealt with existing tenants they wanted to remove? Timing, ... how to go about this? or if you want to keep the tenants, do you have them sign a new TAW agreement prior to the close??
Can you also request their payment history from the seller?
thanks!
Your local landlord tenant law is likely to be pretty specific on this issue. Here in MD, I have to give notice a full 30 days prior to termination and the tenant is entitled to one full rental month before termination can be enforced. Rent increases require a 60 day notice.
This means that for a month-to-month tenant in my county where the months on March 31, I must give notice to terminate the lease prior to February 28. With certified mail and the delivery lead time, I have to have a notice in the mail not later than February 20. For a rent increase that will take effect on April 1, I have to have the rental increase notice in the mail on January 20, to ensure that the tenant has a full 60 days (and two rental periods) notice.
Check your local landlord tenant law.