What Do You Do if Your Tenant Dies?

What Do You Do if Your Tenant Dies?

1 min read
Matt Faircloth

Matt Faircloth, co-founder and president of the DeRosa Group, is a seasoned real estate investor. The DeRosa Group, based in historic Trenton, N.J., is a developer and owner of commercial and residential property with a mission to “transform lives through real estate.” DeRosa creates partnerships to finance select real estate investments and has a proven track record of providing safe, profitable investment opportunities to their clients.

Experience
Matt, along with his wife Liz, started investing in real estate in 2004 with the purchase of a duplex outside of Philadelphia with a $30,000 private loan. They founded DeRosa Group in 2005 and have since grown the company to hundreds of units in residential and commercial assets throughout the East Coast. Under Matt’s leadership, DeRosa has completed tens of millions in real estate transactions involving private capital, including fix and flips, single family home rentals, mixed-use buildings, apartment buildings, and office buildings.

Matt is an active contributor to the BiggerPockets Blog and has been featured on the BiggerPockets Podcast three times (show #88, #203, and #289). He also regularly contributes to BiggerPockets’ Facebook Live sessions and teaches free educational webinars for the BiggerPockets Community.

Matt authored the Amazon Best Seller Raising Private Capital: Building Your Real Estate Empire Using Other People’s Money. The book is a comprehensive roadmap for investors looking to inject more private capital into their real estate investing business and is a must-read for anyone looking to grow their business by using private lenders and equity investors. Kirkus, the No. 1 trade review publication for books, had this to say about Raising Private Capital: “In this impressively accessible introduction to a complex subject, Faircloth covers every aspect of private funding, presuming little knowledge on the part of the reader.”

Matt and his wife Liz live in New Hope, Penn., with their two children.

Education
Matt earned a B.S. in Industrial and Systems Engineering with a minor in Business from Virginia Tech. (Go, Hokies!)

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Hey there BP! Unfortunately, death is a part of life, and sometimes it’s a part of being a landlord. If you are a landlord for long enough, odds are you will have to deal with a tenant passing away while in a lease at one of your properties. We’ve had it happen several times. I can tell you that it’s an odd space to be in: You’ll have to deal with the human side of it when working with the tenant’s heirs, but you’ll also have to do what’s right for your company. There are also state-specific laws that you’ll need to abide by in these circumstances.

Related: 6 Not-So-Obvious Tips From Experienced Landlords

What to Expect

In today’s video, I talk about how to straddle the human and business sides of things. I discuss how best to prepare yourself for these types of occurrences (and other emergencies) up front when you sign a lease with your tenant. I also identify how to handle the tenant’s relatives — who may request to access the unit and the tenant’s possessions — because there are rules dictating who can have access to the space. Lastly, I  address who is responsible for the rent and removal of the tenant’s possessions.

Thanks for watching and have a great and profitable week!!

Related: 23 Totally Awesome Life Hacks for Landlords (To Save You Time, Stress, and Money!)

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Once you watch the video, be sure to leave a comment here on BP! Have you ever had one of your tenants pass away ? How did you find out? And how did you deal with it? I would also love to hear about different state laws, as I understand they are very different in dealing with the death of a tenant. 

Unfortunately, death is a part of life. Here's how to handle rent collection, grieving relatives, and the deceased's belongings—with compassion and smarts.