All Forum Posts by: Suzanne A.

@Account Closed that is fantastic advice.  My inclination this whole time is to get them all on the lease, make sure they pay on time, and go month to month after August.  If everything is going well, they can stay as long as they want, no background checks needed.

And I think you're right about this part: "Your tenants are scared of the unknown right now. Getting evicted, or getting the rent raised to a level they cant afford is a real fear when new ownership happens."

His first two questions after meeting me were: Do we need to look for a new place to live? Will the rent stay the same?

And as I was leaving: "Thank you for letting us stay in our home." 

Update: I met most of the tenants at the property inspection.  The husband is not a husband, he's a fiance.  And he says he's not living there.  But his shoes and clothes and body wash and cologne are there and he admitted "he's over there enough he should live there."  He said the people who live there are the lady who pays the rent (co-signer), her daughter (his fiance), and her three daughters.  Now I'm calling BS because there's only three small bedrooms in the house, and the kids were in the smaller two, and the man's stuff was all over the master bedroom.  Where's the old lady sleeping, the attic?? I'm pretty sure he lied to my face. 

@Brent Crosby thank you.  I think I'm well-equipped to deal with tenants after having an obstinate 3 year old who needs clear boundaries.  Some tenants really are just grown-up toddlers ;)

Thank you everyone for the replies.  I think I have a plan:

After I take ownership, I will have them sign a lease addendum adding all occupants to the lease as tenants and making it clear that they are also on the hook for the rent as well as the co-signer.  I will have the co-signer pay rent through cozy with a late fee on the 2nd (this is how I do it with my other properties). Then (assuming no other problems) when the lease expires in August, I will have them all sign a new lease increasing the rent.  (I have another house in the same neighborhood renting for $150 more).  Not sure if I will screen them, but I kind of agree with @James Wise that if they aren't causing me problems, then I don't want to know...(hides wool over eyes)

Does that sound like a good plan??  I'll probably change to month to month in August. I just feel better about that in case I want them out.

@Thomas S. thanks for the tips. 

@James Wise it's a year lease expiring in August. 

Hi all,

I'm under contract on a single family and I will be inheriting the tenants.  A husband and wife, and two daughters have been living there since August 2017 and they take great care of the house. They want to stay 3 more years. Here are the caveats...

1. The named "Tenant" on the lease doesn't live at the house and was a co-signer, and she pays the rent. The people who actually live at the house (except 1) are listed on the lease as "Occupants".

2. The "Tenant" pays late every month to the property management company.  The current owner things the property management company allows this so they can collect late fees. (BTW I will be managing the property myself)

3. The husband is not on the lease AT ALL.

This is certainly not an ideal situation.  Here's what I'm thinking...

1. Make the co-signer sign up for Cozy and automate her payments (I use cozy for my other properties too)

2. Have all parties sign a lease addendum adding husband to lease.

Questions...

-The way the lease is currently set up, with the co-signer as the "Tenant" and everyone else merely as "occupants", the occupants are not liable for any unpaid rent if co-signer decides to stop paying? Can I rectify that through an addendum?

-Should I screen these people for criminal, background and credit? What if the husband has a criminal history? Should I evict based on that? (Seems a little harsh, if they haven't caused any problems?)  I'm assuming that the husband and/or wife has some terrible credit or criminal history since they used a co-signer. 

Anyone have any suggestions or things I should look out for?  It's my first time inheriting tenants and I don't like feeling like I'm not in the driver's seat. 

You really have zero cash flow, and maybe negative if you can't get 1500 a month in rent. I would sell!

Thank you all for the ideas.  I think I know how to proceed now.

Hi everyone. I have two rental properties which are both occupied but my first tenant turnover will be happening this fall.  My awesome tenants are moving out after two years.  Their lease will be up at the end of October. (I know this is a bad time to find tenants but can't do anything about that).  I'm just struggling with the timing of it.  Obviously I want to minimize the time that the house is unrented.  The house is in great shape and was maintained well by the tenants, but I'm sure we will need a day or two of miscellaneous cleaning/repairs. I'm assuming we could start showing the house before they move out.  Best case scenario: Tenants move out October 31.  We clean, etc. for two days, and the house will be ready for the next tenants on November 3 at the earliest.  So on to my stupid questions:

• Let's saw we show the house in October find tenants want to move in.  Their lease runs out at the end of October, but the house won't be ready until November 3.  Where do they live on November 1-2? 
• Would the prospective tenant pool be mostly people whose leases run out at the end of Novemver? (Meaning we'd have a whole month of vacancy anyway?)
• I know we can prorate the first month so lease ends at the end of a given month, but that still begs the question, what do potential tenants do between the first of the month and when the unit is ready?
• You want to get a tenant as soon as possible, but once you're getting into the middle of the month, are you getting mostly people who are being evicted or is there a good mix of tenants with leases running out?

I hope my ramblings make sense.  I've just never been able to make practical sense of lease beginnings and endings...thank you for taking the time to read!

When do you need to send a letter vs letting them know verbally?