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Updated almost 5 years ago,

User Stats

18
Posts
6
Votes
Jake Noreau
  • Rental Property Investor
  • Providence, RI
6
Votes |
18
Posts

Inherited Tenant with no Security deposit

Jake Noreau
  • Rental Property Investor
  • Providence, RI
Posted

So I am closing on a multi-family at the beginning of June and the place comes with an inherited tenant. Here are the facts:

- Elmhurst neighborhood of Providence, Rhode Island.... I will be house hacking and it is sort of a "BRRRR - key" investment. Needs some work.

- MLS originally listed $1200 MTM w/lease

- At time of P&S, listing said $1200 MTM no lease

- There is no security deposit

- The unit was already pretty beat up, but some damage is evidently from the tenant (ie: their kid beat up the baseboard pretty badly crashing into it on his tricycle MANY times all around the living room)

- Per contingencies, I received a statement from the current owner stating he receives $1275/month and includes internet & water

- Also he is verifying this income per another contingency he agreed to

I am opening this to discussion because I'd like to hear some opinions of my game plan for handling the unit:

- I'd like to have an introduction with the tenant and see about getting them on a short-term lease (ending right before school starts up, just in case)

- I don't want to increase rent, if anything I'd lower it and no longer include internet (maybe)

- I'd like to acquire a security deposit, but not sure how to go about this without tainting the relationship with the tenant, and considering the pandemic, don't want to ask for MORE money right now

- Can I even hold the tenant responsible for any damage that was evidently caused by them if I'm inheriting the property in it's current condition (after the damage was done)?

Thank you and I'm excited to here any constructive thoughts the BP community may have!

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