Inherited Tenant Story

[Katherine Earle]

Ok, this is less of a question and more of an opportunity to learn from my mistake. 

 In my lack of concern because they all had leases and we were paying cash (no bank requirement), I didn’t require an estoppel certificate in my offer. Well, now I’m dealing with a tenant that moved a girlfriend in without signing a lease, the leaseholder moved out without any kind of notice or forwarding address, a 2nd new person moved in and still no lease, and they are 2 weeks late on rent. I found this all out at the closing table. Now, it’s too late and my problem. The previous owner couldn’t even give me a name! Learn from my big boo boo. Require leases, as well as estoppel certificates, no matter how funny a residential realtor looks at you when they don’t know what that is! I’m buying a 4 unit right now that only had verbal leases. You better believe I got estoppel certificates this time (in spite of the funny look I got over it!)……..lol

I’d love to hear other crazy inherited tenant stories if you’ve got ‘em to share!

[Nathan Gesner]

Quote from @Katherine Earle:

Thanks for sharing. We all make mistakes. Some of us learn from them. :)