Skip to content
×
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
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
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 5 years ago on . Most recent reply

User Stats

197
Posts
105
Votes
Quentin Mitchell
  • Investor
  • Chicago, IL
105
Votes |
197
Posts

Inherited Tenants (keep them or release them)

Quentin Mitchell
  • Investor
  • Chicago, IL
Posted

If you inherit a tenant and the rent is below what the market is but they can not afford market rent do you kick them out as soon as their lease is up or immediately if they don't have a lease or do you keep them on as a tenant. To make it a better argument pretend it is a 2-4 unit building so only 1 unit is under market.

In my opinion, it all depends on these factors

1. What type of tenant are they?

2. What kind of shape is the unit in?

3. How long is their lease?

4. How much below market rent are they?

5. How fast do you think it could rent on the open market?

6. How much would it cost to get the unit rent ready?

Those would be my main factors to figure out whether or not to keep them in the unit.

Most Popular Reply

User Stats

28,167
Posts
41,256
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,256
Votes |
28,167
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied

I would terminate their lease, clean the unit up, and rent it at market rate.

If you offer it to them, they may insist they can handle the increase but they are more likely to feel bitter towards you and fail to keep up. It just creates problems. Get them out and find someone that can afford it from day one without struggling.

  • Nathan Gesner
business profile image
The DIY Landlord Book
4.7 stars
167 Reviews

Loading replies...