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Updated about 4 years ago on . Most recent reply

User Stats

16
Posts
5
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Mike S.
  • Denver, CO
5
Votes |
16
Posts

Tips for an easier transition to a new tenant

Mike S.
  • Denver, CO
Posted
  • Hello everyone -

    I'm still a newbie to being a landlord (first time transitioning from old tenant to new) so I'm hoping some experienced people can help with how to transition from old tenant -> vacancy -> new tenant quickly without cutting corners on vetting.

    Situation:

       - Recently renovated 2 Br, 1 Ba, ~1100 sq. ft. basement unit of up-down duplex just south of Denver. I inhabit the top unit.
       - Tenant was excellent and will be in the property through the end of March (Started 1/20) - having her draft up a written notice saying she's leaving. Have a good relationship with her (would definitely be a reference) but moving out because she wants a place of her own.
       - Don't anticipate many, if any, repairs other than nail hole and minor paint touch-ups
       - Written into the lease that I can have prospective tenants visit while she's still there (with notice)
       - There is room to increase rent by at least a couple hundred dollars/month (I made several improvements in the time that she's been
         there) and it will still be reasonable
       - She said she has a friend that may be interested in renting it
  • Primary Questions:
       - The most interesting thing to me, at this point, is the friend - she is familiar with the property and may be able to move-in quicker than someone new (Disclaimer: I have not spoken to her yet, just spitballing). However, she obviously will know the old rent price, making it harder for me to raise the prices to what I think I could get. If she passes background, etc., is it worth a smaller raise to limit vacancy and go with a better known commodity?

      - What type of person/people should I look for that might stay in the property a bit longer term? It's in a great location - walking distance to grocery store, great bars/restaurants, concert venue and a light rail station that can take someone into Denver, etc.

       - Showings: How do you typically handle the balance of showing the current tenant's space to a new prospect? She's neat, but is it weird that it's filled with someone else's stuff when they're looking at it? How do you talk with the new prospect about it?

       - How have you handled the transition, timing-wise, from old tenant to new? With her leaving on March 31, it's not like I can just put someone in there on April 1st without doing the minor fixes, cleaning the place, etc. Right?

       - What are other logistics I need to know about that I haven't mentioned (i.e. move-in, move-out checklist timing, etc.)?

    I really appreciate everyone's thoughts and, if you've seen a good post of this topic before, I'd love the link to it as well.

    Thanks!

Most Popular Reply

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Replied

Have you seen this article?  Covers more than the basic questions you're asking, but lots of good info about vetting tenants.

https://www.biggerpockets.com/...

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