Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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,

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...