All Forum Posts by: Alicia Gates

Thank you for asking this question!!  I have been looking for an answer regarding this and this is the first post I've seen to address the issue.  Based on the responses you received I'm going to plan on doing a move-in checklist with my soon-to-be inherited tenants, just so I have a baseline going forward.  

Thanks @Christopher Phillips!  I vaguely remember reading that now, but I appreciate you confirming it for me.  :)

We're getting ready to close on our first SFH next week, and we will have an inherited tenant.

I'm reading the NOLO Every Landlord's Legal Guide, and it states that you have to post the Fair Housing Poster where ever you conduct housing related business.  Well, I work from home and I intend to use Cozy for all rental applications/management of payments, etc.  I can't find anywhere that Cozy lists out Fair Housing Guides to tenants through their website.  I don't intend to EVER have tenants at my home, so putting up a poster here seems pointless. 

How would you post this information?  Where?  Should I just get one of the posters electronically and include it as an attachment to my tenants?  Or is that something I could do when I market the property for future rentals?   I won't be marketing this one yet, so maybe I'm missing something really obvious. 

@Patrick S. The neighborhood is gradually getting better, and our city is crazy desirable for the schools. Also our sister city (meaning about 5 miles away) has a company that is expanding like crazy and rentals (or any houses at all) are really difficult to find in either city. This is also a small private college town, so there’s no shortage of tenants now or in the foreseeable future. It’s a buy and hold situation so I agree, that does change the situation somewhat. I think if we price out the current tenants we will be able to rent it easily. I’m just nervous bc it’s my first one.

We are under contract for $68k SFH. Inspection came back and I estimate $15k repairs (which includes $5k for two trees to be removed hanging over the roof, and $5k for a back deck that is wood leading to concrete stairs - terrible construction). Appraisal came in at $76k and current long term tenants pay $650/mo - market is closer to $850-900. Tenants have been there 4 yrs and take care of the property - do simple repairs. I’ve read so much about running a charity vs a business, raising rents slowly, good tenants are like gold, cost of vacancy, etc. I’ve estimated their income/ exp and I think they could afford $850/mo, but they are already jaded from the prior landlords that pushed off maintenance issues This would be my first investment, and I can’t decide what to do. At market rent, after repairs, I would make 1%. But to retain good tenants and not have vacancy, I would be less than that. Our exit strategies are to sell it (super hot market here), or live in it (as it’s a place we would want to live anyway). I’m anxious to get my first property done with, but I don’t want to take a bad deal either. March towards the close or am I blinded by eagerness to get started?

I'm in the due diligence phase for purchasing a SFH, and I have 2 weeks in which to decide if I'm keeping the current tenants in place through the close, or have the sellers give them a 30 day notice and deliver the property vacant at close.

I have the copy of the lease and it expired nearly a year ago, so they have defaulted to month-to-month.  I will meet them briefly tomorrow at the inspection. 

Do I have them complete a new rental application so I can do background checks, verify income, call references, etc.?  Or can I not do that since they are already tenants? I would have them complete an estoppel cert. if I decide to keep them on, but I would want to be able to verify the other information too b/c who knows what the seller's screening process was. 

Thanks @Nathan Gesner!  I will definitely check it out. 

Thanks @Dave Passey!

We're getting our first SFH under contract, and I just got the lease for the current tenant - it expired in 2017. In addition to everything else I need (like lease agreements, info on evictions, etc.), my main concern right now is: does this mean it's defaulted to a Month-to-Month lease?

Not sure exactly where I should be looking to answer these questions.  Thanks!

I have the lease now - it expired in 2017.  Does anyone know if that means it's defaulted to Month-to-month in TN?