First Duplex- inherited tenant; Want new lease

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First Duplex- inherited tenant; Want new lease

Keniya Lee
Philadelphia, PA · Member since 2016 · 16 posts · 1 vote

Hey Everyone,

I will be closing my deal Feb 28. I'll be occupied one unit (vacant)and there are 2 tenants in the other unit. They are currently on a month to month lease agreement from current landlord. In the lease agreement it's states:

 LEASE RENEWAL:

At the end of this Lease Agreement, Tenant shall have the option to renew the Lease for an additional term that is equal to the initial term of this lease (Term of Lease Agreement) pursuant to the terms and conditions contained herein.

If Tenant or Landlord does not wish to renew the Lease, written notice must be given to the other party at least 30 before the end of the term (Term of Lease Agreement) to terminate the Lease (including any exercised renewal or extension thereof).

My question is. because I want the tenants to sign my updated month to month lease with a few changes like: screening,required rental insurance and have will have to pay for garage access. How do i go about this? I know I have to provide the 30 day notice but what is the notice? lease change; terminate of lease;etc?

Also, a rented payment will be do on the first of March. should I be contacted leases to inform them where the payment can be send? How formal or informal does this have to be?

thanks in advance.

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Anthony Angotti
Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
9y
Keniya Lee Definitely request to rescreen them to have them sign a new lease. Since they are month to month I would get them on your lease as soon as you can. Also, you'll want to screen before putting them on your lease because you don't know them. Living in the unit next to them makes that even more important.
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  • Account Closed
    Investor · Buffalo, NY · Member since 2016 · 668 posts · 209 votes
    9y

    You want to screen the current tenants after they're in? Might be the wrong signal to send now. Get to know them first to get a sense of how they will treat your property and pay their bills. Talk to them and write an addendum to the current lease with the new terms and maybe a 60 or 90 day notice. You are also their neighbor, make the relationship friendly and businesslike until you have a reason to be otherwise. Best of luck with your investment.

    0Reply
  • Keniya Lee
    OP
    Philadelphia, PA · Member since 2016 · 16 posts · 1 vote
    9y
    hey Michael, so your saying don't rescreen them? I should leave the lease the way that it is for now? when u said adding the addendum. how do I do that?
    0Reply
  • Jamie Engledow
    Boca Raton, FL · Member since 2015 · 249 posts · 52 votes
    9y

    If they are month to month trnants, senf them your letter ASAP.  Include were to send payments and your updated month to month lease rules and requirements.  If you desire more long term 1 or 2 year lease include verbage for any incentives to that.  Key is, notify in writing.

    0Reply
  • Keniya Lee
    OP
    Philadelphia, PA · Member since 2016 · 16 posts · 1 vote
    9y
    Originally posted by @Account Closed:

    You want to screen the current tenants after they're in? Might be the wrong signal to send now. Get to know them first to get a sense of how they will treat your property and pay their bills. Talk to them and write an addendum to the current lease with the new terms and maybe a 60 or 90 day notice. You are also their neighbor, make the relationship friendly and businesslike until you have a reason to be otherwise. Best of luck with your investment.

     hey Micheal,

    so your saying don't resurgence them? can leave the lease the way that it is for now? when u said adding the addendum. how do I do that?

    0Reply
  • Keniya Lee
    OP
    Philadelphia, PA · Member since 2016 · 16 posts · 1 vote
    9y

    hey Micheal,

    so your saying don't resurgence them? can leave the lease the way that it is for now? when u said adding the addendum. how do I do that?

    0Reply
  • Keniya Lee
    OP
    Philadelphia, PA · Member since 2016 · 16 posts · 1 vote
    9y
    Originally posted by @Jamie Engledow:

    If they are month to month trnants, senf them your letter ASAP.  Include were to send payments and your updated month to month lease rules and requirements.  If you desire more long term 1 or 2 year lease include verbage for any incentives to that.  Key is, notify in writing.

    Jamie, 

    what should the letter entail? is it like basic greeting and contact information? 

    1Reply
  • Jamie Engledow
    Boca Raton, FL · Member since 2015 · 249 posts · 52 votes
    9y

    yes.  Introduce yourself as their new landlord.  In you letter be friendly, but firm.  Let them know you are readily there to address their needs in connection to the property (unless it will be managed by another company and in that case refer to them).  Inform them where to contact in various situations.  Inform them where to send subsequent rent payments.  If you desire to change their rental terms let them know, and as rule of thumb as each state or county,s regs may be different, give them 90 days from the purchase of the properrty until your nee rental agreement comes into effect.  Send a copy of the proposed rental agreement and request signature or rebuttal before 60 days.  If they do not sign that leaves you with 30 days to decide how to proceed in event they do not sign. If at any time they becime 15 or more days late, begin eviction process.   I am a softee, so others may suggest stricter guidelines.

    0Reply
  • Anthony Angotti
    Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
    9y
    Keniya Lee Definitely request to rescreen them to have them sign a new lease. Since they are month to month I would get them on your lease as soon as you can. Also, you'll want to screen before putting them on your lease because you don't know them. Living in the unit next to them makes that even more important.
    1Reply
  • Keniya Lee
    OP
    Philadelphia, PA · Member since 2016 · 16 posts · 1 vote
    9y
    Originally posted by @Anthony Angotti:

    Keniya Lee

    Definitely request to rescreen them to have them sign a new lease. Since they are month to month I would get them on your lease as soon as you can.

    Also, you'll want to screen before putting them on your lease because you don't know them. Living in the unit next to them makes that even more important.

    Thank you Anthony! 

    0Reply
  • Keniya Lee
    OP
    Philadelphia, PA · Member since 2016 · 16 posts · 1 vote
    9y
    Originally posted by @Jamie Engledow:

    yes.  Introduce yourself as their new landlord.  In you letter be friendly, but firm.  Let them know you are readily there to address their needs in connection to the property (unless it will be managed by another company and in that case refer to them).  Inform them where to contact in various situations.  Inform them where to send subsequent rent payments.  If you desire to change their rental terms let them know, and as rule of thumb as each state or county,s regs may be different, give them 90 days from the purchase of the properrty until your nee rental agreement comes into effect.  Send a copy of the proposed rental agreement and request signature or rebuttal before 60 days.  If they do not sign that leaves you with 30 days to decide how to proceed in event they do not sign. If at any time they becime 15 or more days late, begin eviction process.   I am a softee, so others may suggest stricter guidelines.

    Gods will my closing dates is February 28th. I was thinking mailing the letter of notice with next date delivery with a signature required. 

    0Reply
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