First-Time Landlords
(Reposting this question under the appropriate category)
We did it, purchased a 4-plex so my husband and I are renovating our side of one duplex. All the units are rented out so we inherited the seller's tenants and lease agreements. When we viewed the property months ago, 2 units were being vacated. At closing we found out the seller rented out these 2 units (after accepting our offer) - one on a 6 month lease and the other on a 12 month lease. We wished she would have at least told us or asked before signing them up. One of the issues we have is that both the lease agreements list only one tenant but there is another person staying with them. How do we address this issue? We'd like to amend the agreements - if we can - to add a 3-strikes rule for any disturbances. We've already encountered the tenant's drunk boyfriend who challenged us that he owns the place and pays rent (yet he's not on the lease). My husband verbally told the tenant she's in violation of the lease. I appreciate your input and advice in advance. Don't get me wrong - we are very happy with the purchase of this property. We love it, just a couple of issues.