All Forum Posts by: Danielle J.

David Oldenburg this seems simple enough. There are some additional items/language that I would like to add to the lease especially for the month to month tenant since I know I can redo that lease. Thanks for the advice.

Thank you @Sean T. 

 It's a lot easier when you can start from scratch with brand new tenants. But you have to get in where you fit in and  shake things up when you come in as new owner with inherited tenants.

Hi BP!! I've been out of the loop for a while; my mind has been so focused trying to secure my first home/rental property. So I am scheduled to close tomorrow on a 4plex in Cali. I am so happy I'm almost at the finish line... I never thought I would make to this point!!!

Ok down to business. The property has 2 existing tenants: one is on a month-to-month agreement and the other has a lease contract which expires in Feb 2015. My question is how do I handle there leases coming in as the new owner ? Do I need to write up completely new leases for both tenants with my contact information and rules?  It seems like a no brainer that a new lease will  need to be devleoped for the month-to-month tenant. Do I just give 30 days notice or can I immedieately update the month-to-month contract? 

 I am most confused on how to address the lease situation for the second tenant that is already still under a lease. In CA I am aware that I have to honor the terms of the lease until it expires such as rent amount,  however I need to know if I need to write up a new lease that at least has my name on it. Your guidance is much appreciated. #imsuchanewbie :)

One of the many issues with NACA is that they have their own people do the appraisals which are skewed and not reflective of the property's actual value. I just tried to go through NACA for a fourplex and I almost lost the deal due to an extremely low appraisal coming out almost 60k below asking price smh.... Yes I'm pissed...so FHA here I come!

Marcus Curtis this definitely helps! Thank you!

@Marcus Curtis 

@Marcus Curtis sounds like a great streamlined process! How do your recommend entering the unit to complete the work if the tenant is not home? If the tenant made a request, do you have the right to enter in their absence or do you need to give them a 48 hr notice? #imsuchanewbie :)

Still a very relevant topic! I'm in escrow on a property with awnings attached to the backyards of each unit of a fourplex. I want them taken off for liability purposes. One of the tenants informed that they are pretty lose so the last thing I would want to happen is for one to fall and someone gets hurt. Because I know the End result is me getting sued. Plus depending on how they look they might make the house look outdated. If all goes well I'm taken them down immediately!

James Syed wow that's deep that Zillow asks sellers what the value is. This lets you know those estimates are skewed. Great topic!

If it adds value and can help force appreciation then I would go for it. Since is not a necessity, I would wait until more funds are available for such a big project though.