All Forum Posts by: Bobby Balentine

Thank you all

Thank you all for the input.  Very valuable.  I received both the estopple and lease agreements.  Rent rolls are not available.  I was thinking the same thing about the deposit that I could charge for cleaning but since the current landlord does not have a move in inspection it would be hard to collect for unknown damages.  The upgrades are really the bathroom.  It needs a remodel badly.  The layout is one that your shoulders touch each wall to use the toilet and the shower has a leak somewhere.  The tenants that I know are planning to move because they have outgrown the 1bed 1bath and they do not like that I am going to raise the rent as it is under market by over $200 and they know it.  I just do not know exactly when yet, but I know it will be soon.  I am happy they are moving as it will be a less headache in the long run since they like to park on the grass and I already mentioned to them that if I was to buy the property that would have to stop.  

Hello BP friends. 

I am still new to this as this will be my first real estate rental purchase.  I am in the process of purchasing a triplex.  I have discovered that one of the tenants are looking to move out.  I do not know if it will be before or after I take possession.  I plan to make some upgrades when they move out.  When is the right time to search for a new tenant?  Thanks

Justin

It is a triplex. The rents are way low in the since that the current owner does not recoup the owner paid utilities. The three different units of of different size and number of beds. The smallest unit is a studio 1 bath which he charges 475/mo includes all utilities paid. The rent will need to increase to 600/mo which would include all utilities paid. The second unit is a 1 bed 1 bath which he charges 475/mo all utilities paid. This unit should be at 700/mo. The third unit is a 2 bed 1 bath he charges 550/mo all utilities paid.  Rent should be 765/mo. The new rent basically recovers the 12 month average utility bills and keeps the original rent the same which is about market rent for the area.  Currently not much is known about the tenants and I will be doing background checks on them. The current owner did not do a move in inspection or a background check.  He might have done a felony check. 

Thank you for your input Ashley.  I can see an advantage to staggering each Tenant.

Thanks Michael

Thank you both for your responses

@Tim Herman law requires a 30 day notice.

Good evening all.  

When purchasing a property that has tenants and you take possession on the 6th of the month, at what point do you notify the tenants of the increase in rent?  Tenants are currently on a month to month lease.  Should you offer them a choice of yearly lease, 6 months lease, or month to month, and if so, would you charge a different monthly total rent for each choice(ie yearly monthly rent $600, 6 months monthly rent $610, or month to month monthly rent $625?)

Thanks in advance for you thoughts!

Thank you both for your input.