Inherited Tenant on 1st Rental Property

[Gabriel E. Galloza]

I purchased a Duplex with an inherited tenant that signed a 7 year lease expiring October 2021. The property closes next week, and i find out today that the tenant is also purchasing a home, and he will be vacating the property, ultimately breaking the lease. Would it be ethical, and lawful as a Landlord in my position to Keep the Security Deposit? The unit is also distressed, and needs a makeover, i just cant prove he caused the distress. Property is located in NJ. Any Suggestions, stories, etc are greatly appreciated!

With Best Regards,

Gabriel

[Theresa Harris]

@Gabriel E. Galloza  It depends.  While the lease is up in Oct, it was a 7 year lease and you are buying the property.  If he gave 30 or 60 days' notice as per the lease, I would charge him for cleaning and any obvious damage (hole in the wall).  If he did NOT give proper notice, then he is responsible for rent for that period of time-eg if he gave 14 day's notice and 30 is required, he owes for 16 days of rent.

Sept will be easier to rent than Nov and if you need to do renos to the property, even if they are cosmetic; it is a good time to do it.  Plus it will rent for more, and I'm guessing it was below market value, and you get to pick your own tenant-lots of good things in there.