All Forum Posts by: Sean Krohn

@Sean Krohn , this stinks, but now you have a jump start on getting it turned and ready to rent out. Chasing after this guy for the remainder of the rent is a futile endeavor and perhaps he did you a favor by leaving.

Make sure the rent is transferred to you at closing. Sounds like one side was going to be vacant and now the other is too? Bust your backside to get one side rented quickly to bring in some cash. Ask to view the property before closing to get a feel for what needs done and which side would be easier to get market ready. Then purchase supplies and have them ready to attack this house after closing.

Actually its not a disaster, the other tenant is there and on a lease until end of the year. I have a final walk through scheduled for Thursday, so will take notes and plan, thanks for the tip. I will get the prorated rent and their security deposit at closing so this could go towards getting the place rent ready. Just finished the BP property management book, will revisit the chapters on finding tenants, I skimmed those as I didn't think I would need that info immediately... :-)

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Originally posted by @Joe Scaparra:

A couple of things you should do. The leases transfer to you at closing, so make sure you have them and they have to be honored by all parties! Most notices to vacate must be in writing as stated in the lease. Check it out and see what it says. Also see if the lease requires 60 days notice, if so the tenant must abide by the lease. The fact it is a Section 8 tenant helps you, as my Section 8 tenants are required to give 60 days notice and are enforced by Section 8. If your tenant wants to remain in good standing with Section 8 policies they have to comply with the lease. Also, if the apartment is not left in good condition, let the Section 8 management know as they could be a help in getting the tenant to pay for damages.

The lease they provided me does say 60 days notice, I found an email forwarded to me with the local housing authority person who approved this tenants last assistance amount, so I emailed them to confirm whether the 60 days is a section 8 requirement, and if they are even aware of this tenants plan to vacate. I will be transferred the security deposit they paid which is about a months rent, so there is that.

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Last night I got a confirmed closing date for this Friday on my first duplex, and then this morning the seller agent has informed me that one tenant put in verbal notice on the 15th May (last week) to vacate on 15 June... I guess they didn't want to disclose this until we had a closing appointment set. It probably shouldn't be the biggest surprise as just before they listed the property this tenant went on a month-to-month lease, so they must have known it was coming. I do have a copy of the current month-to-month lease and it states that they need to give 60 days written notice to management before vacating, so correct me if I'm wrong but they have to honor the existing m-2-m lease, and the verbal notice will be invalid? To complicate things more, the tenant is section 8, they were only paying $100 of a $700 rent but I'll have to figure this out with the housing authority too. I obviously wasn't expecting to have to deal with a lease non-compliance and probably search for new tenant within a month of purchase, but I have to get the experience sooner or later right :-) Any suggestions or similar experiences dealing with this type of situation would be helpful.

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All Forum Posts by: Sean Krohn

Sean Krohn has started 1 posts and replied 3 times.

Post: Seller waited until closing to inform about tenant notice

Post: Seller waited until closing to inform about tenant notice

Post: Seller waited until closing to inform about tenant notice