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Updated almost 8 years ago on . Most recent reply

User Stats

137
Posts
55
Votes
Eric Barnett
  • Investor
  • Buda, TX
55
Votes |
137
Posts

Just Closed Fourplex - One Tenant Disappeared and Other Problems

Eric Barnett
  • Investor
  • Buda, TX
Posted

So I just closed on a fourplex and upon closing the seller and I had some disagreements about deposits and rents being turned over to me.  His security deposit was listed as a "non-refundable service fee" so either way not explicitly listed as a deposit but no other deposit was listed in the lease nor collected...A "special provision" was listed in the contract that the full march rents would be delivered to seller at closing but this provision was struck from the agreement but the prorated language in the lease was not so I feel I should have at least received some of the rents since he collected the rents for March and we closed as of 3/6...

Either way that is not my main concern (lesson learned to vet the title co better), the bigger concern is that one of the newly renewed leases was signed and would expire a year from 2/1/17.  Come to find out when I went to do a meet and greet a few days after closing I found this unit to be vacant and a tenant told me she had left in the middle of the night.  I never received contact info for her so while it is a bummer I should be happy to be ridden of a bad tenant but either way its annoying.

To summarize my questions are:

-Worth getting an attorney to seize partial rents or not worth the headache for the little gain?

-File any claim to deserting tenant or just relist and be happy a bad tenant moved since this area should be relatively easy to lease.

Thanks for any help.  This is my first B- area so looking for advice.  My other rentals are in A areas and the tenants are very easy.  I think I was dealing with a poor seller who did what he needed to sell the property and is now going cold regarding the prorated rents.

-Eric

Most Popular Reply

User Stats

155
Posts
76
Votes
Brian Karlow
  • Rental Property Investor
  • Algonquin, IL (Chicago suburbs)
76
Votes |
155
Posts
Brian Karlow
  • Rental Property Investor
  • Algonquin, IL (Chicago suburbs)
Replied

IMO... Relist and move on.... And....I wouldn't waste time or energy chasing the appropriated rent either.

Btw... Congrats on the new property.... Keep focusing forward!!

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