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Updated almost 9 years ago on . Most recent reply
Do a make tents sign a new contract?
Hello biggerpockets friends!
I'm buying my first house which is a duplex. We close on the 9th of June so in less then a month.
My question is this, the current tents in one half has a contract ending at the start of next month. As I am becoming the new owner, should I be making them sign a new contract? This duplex is in Provo Utah, so anyone that knows how it works in that area that would be awesome if you can inform me.
Thank!
Most Popular Reply
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Good replies so far!... My 2 cents is that you can ask for anything you want. They can say "no" but you can always ask. Tenants who like their current arrangement and want to stay, might welcome the predictability of a new contract with the new owner. By law, you have to honor what's left of the contract in place, but again, they may be very happy to sign for another 12 months or more just to have a predictable future.
Another piece of advice is that you will want to make your relationship very clear so that you are not having neighbors knock on your door at midnight just for a new lightbulb. Maybe @Brandon Turner will link to one of his posts I read about his experience with a shared multi.
With my rentals I always mention that I own the home with "partners" or that I "manage the rental with some partners" so that I can let the partners be the bad cop in certain situations like late rent or lease violations.
Welcome to RE investing and have fun!!!!