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Updated over 7 years ago on . Most recent reply

User Stats

99
Posts
34
Votes
Heather O.
  • Specialist
  • White Rock, British Columbia
34
Votes |
99
Posts

Inherited Tenant Paying $250/month inc Utilities out of lease

Heather O.
  • Specialist
  • White Rock, British Columbia
Posted

In a Landlord Friendly County and State, Florida, where there or no rent raise limits, I have purchased a multifamily property with a tenant paying only $250/ month and she has not signed a lease renewal, has a growing list of complaints from before I came into the picture, hasn't allowed my inside as of yet and is consistently late paying.   Until now, she hasn't allowed access and keeps windows covered completely.

What would you do?

(side question - why do tenants assume it's okay to mail a payment on its due date???  We aren't the IRS/CRA!?!)

Have FINALLY set an appointment after 4 months of attempting to, must make a decision soon.  I want a new lease signed.  

Two ideas I thought of or please post your own:

1. Would you step up the rent monthly by agreement??   

OR 

2. Would you give 4 months notice that we are going to HUD FMR rate of $769??

OR 

3. Your idea??

(FYI the identical unit next door (also not updated) I have just rented for $975 to a super clean, reliable tenant)?

Most Popular Reply

User Stats

16
Posts
1
Votes
Bariki Mallya
  • Investor
  • Nashville, TN
1
Votes |
16
Posts
Bariki Mallya
  • Investor
  • Nashville, TN
Replied

Wow! @Heather O., 4 months is a long time to not let you see inside your own property. You have to see the interior before making any lease decisions. Use the condition as part of your criteria on whether you even want her to stay. But if you're numbers are right, they're only paying 33% of market value which I wouldn't be able to stomach. Lots of red flags on this one, but I'd get inside first to see what it looks like then decide from there. I wouldn't work too hard to keep them. If you decide not to let her stay, since she is already on month-to-month, usually all you have to do is give her 30 day notice to vacate. Confirm with you local laws though. Hopefully she'll leave willingly.

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