I am house hacking a 3fm, in Bridgeport, CT for 3 years now. I am about to renew the lease for the first time on 1 tenant (2nd unit has new tenant). Is there anything particular I should consider or add with an "adopted" renewal, compared to a new tenant?
I'm aware of few mistakes already. Trying to clean it up, treat it like business. I understand this is not the place for legal advice. Any suggestions would be appreciated.
Few things sparked this question, some might be irreverent, still learning the basics.
1. Is it fair to still have a background check on all the tenants?
2. Most lease templates discuss the security deposit, amount provided at signing and so forth.
Security deposit was used last year to cover missed payments; they have since been able to catch up, but the security is gone, right? I need to remove or tweak that section?
3. As a renewal, tenant already has possession, and had possession, before I purchased the building. Not in the best condition, but I make sure to replace anything that breaks or is safety concern. I intend on improving cosmetics over time. Besides fresh paint, their apartments are better looking than mine. Is it fair to say I can't remodel the entire apartment?
4. On the flip side, how can I still hold the tenant accountable for the condition if they leave, not knowing how it was when they moved in?
Thanks so much for your time,
