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Updated over 3 years ago on . Most recent reply

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32
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21
Votes
Dean Klein
21
Votes |
32
Posts

New duplex, inherited tenant problem

Dean Klein
Posted

I just closed on a duplex and inherited some tenants. The current leases are written in such a way that they lock rent price in for a year period, however there is a termination clause of 45 days to non-renew the lease. The rents are way under market so I decided to send non-renewal letters with almost 60 days notice and offer a lease of my own explaining the current rental market conditions, and current going-rate prices. I heard from the previous owner who I bought the property from, that one tenant is livid about the rental increase, and is going to turn me in to some rental board, not sure what that is. This tenant went to the previous owner to complain because he rents a commercial spot as well from him. This tenant only has about 6 months left of the original lease. I have never seen a lease that locks in a rent price for a year, but has a termination clause with a set amount of days notice, anybody else deal with this? I believe this tenant is going to be difficult to deal with. 

EDIT: Property is in Wisconsin. 

Most Popular Reply

User Stats

165
Posts
107
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Russell W.
  • Rental Property Investor
  • Illinois
107
Votes |
165
Posts
Russell W.
  • Rental Property Investor
  • Illinois
Replied

In my opinion, don’t bother trying to amend the situation with the current renter. If you notified them of a rent increase six months in advance, you’ve given them a LOT of time to figure out things on their end, i.e. determine if it’s worth it for them to stay or move on. They are likely aware they’re getting a great deal on under market rent. It’s usually better to find a tenant that meets your criteria anyways than inherit one that met the previous owner’s criteria

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