Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

54
Posts
23
Votes
Luis Silva
  • Residential Real Estate Broker
  • Sacramento, CA
23
Votes |
54
Posts

Tri-Plex in Kansas City, KS. Inherited tenant questions

Luis Silva
  • Residential Real Estate Broker
  • Sacramento, CA
Posted

Hi all, 

Thank you in advance for reading my post. I am currently in escrow on a triplex in Kansas City, KS. The leases/tenant structure is as follows:

Unit 1: Studio - Rented for $440 - One year lease (Ends May 2018 - just resigned)

Unit 2: Studio - Rented $480 - two year lease (ends May 2019 - Just resigned)

Unit 3: 2 bed 1 bath - Rented $625 - Month to month lease. 

1) On Unit 1: the lease states that the tenant pays 2 installments for rent (she pays on the 1st and then again on the 15th). She also pays in cash. Do I have the right as the new landlord to renegotiate these terms? What is the best way to go about doing this? Mainly, I just can't accept cash... I probably could work with the two installments but that is a bit of a pain for me.

2) I am worried about inheriting tenants. The landlord says that unit 1 has been rented by the same gal for several years and unit 2 (just resigned for 2 years), is a great tenant that pays on time every single month. What can I do to validate this information and/or make sure they are good tenants?

If you can't tell, I am new to property management so any feedback is welcome and appreciated. 

Thanks a bunch! 

Loading replies...