Investor · Los Angeles · Member since 2020 · 6 posts · 0 votes
Hello Everyone my name is Edwin.
I am semi new to Real Estate investing. I recently purchased (11/2022 ) a triplex in Los Angeles CA. I wanted to ask advice on what your experience is with buying a property with tenants in it? What do you do with previous rental agreement's? Do you implement new rental agreements? If I wanted to start charging for washer and dryer use would that be possible? Any recommendations?
Real Estate Agent · Rancho Cucamonga, CA · Member since 2018 · 82 posts · 36 votes
3y
Hey Edwin,
Congrats on your new purchase!
If you want your tenants out, you need to wait until their lease ends. Provide a 30/60 day notice before the lease ends, and just be transparent with them what you plan to do with property and why they need to leave or pay more.
After their previous lease ends, you can write up a new rental agreement with new rent and can start charging for washer/dryer use if you please.
Basically, you can't change anything until their lease ends. After that, you write the rules on what you want to charge.
Thank you for your reply. Currently the leases have lapse and are now on month to month basis. Will I need to provide a 30/60 day?
Thank You,
Edwin
Depends on the situation. You need to give a 60 day if the tenant has been living there for more than a year. Otherwise, a 30 day will suffice.
One more thing. Forgot to mention that you should check laws to see if rent control laws apply to your property. There can be more laws that you may need to follow.
Real Estate Agent · Southern California · Member since 2019 · 681 posts · 281 votes
3y
@Edwin G Alvarado The leases you have in place you will need to abide by. The thing you could do is try to buy them our of their lease. Worth a shot but it may be tough to get them to consider it with rent control in LA
Rental Property Investor · Russellville, AR · Member since 2014 · 684 posts · 509 votes
3y
I will have any inherited tenants sign new leases that match whatever their current lease terms are. This way they understand my expectations and have all the required information they need. This is usually the time they learn about their rights as a tenant and my rights as a landlord...in a good way. You will probably have to honor their current lease, but these laws are very state specific so check there first!
Typically in situations where you've acquired a property with existing tenants, you'll have to uphold the previous existing lease through its duration as its a binding contract. Once the leases are about to expire, you can set forth your new lease conditions and monthly payments for existing tenants to decide whether they want to continue to live there or move out.
If I'm in your shoes, I would advise on letting tenants know that lease reviews will be conducted prior to lease ending so they're not too caught off guard during renewal period. Ultimately you're the landlord and the person calling the shots. Often times I've seen landlords make the mistake of opening it up for discussion with their tenants.
@Edwin G Alvarado The leases you have in place you will need to abide by. The thing you could do is try to buy them our of their lease. Worth a shot but it may be tough to get them to consider it with rent control in LA
Hi Nicholas, Thank you for the reply. I will attempt to stabilized the property. I am working on creating a new Leases for 2023. Ill be sending out a 60 day notice in regards to the changes.
I will have any inherited tenants sign new leases that match whatever their current lease terms are. This way they understand my expectations and have all the required information they need. This is usually the time they learn about their rights as a tenant and my rights as a landlord...in a good way. You will probably have to honor their current lease, but these laws are very state specific so check there first!
Typically in situations where you've acquired a property with existing tenants, you'll have to uphold the previous existing lease through its duration as its a binding contract. Once the leases are about to expire, you can set forth your new lease conditions and monthly payments for existing tenants to decide whether they want to continue to live there or move out.
If I'm in your shoes, I would advise on letting tenants know that lease reviews will be conducted prior to lease ending so they're not too caught off guard during renewal period. Ultimately you're the landlord and the person calling the shots. Often times I've seen landlords make the mistake of opening it up for discussion with their tenants.
Right, I usually base my leases Directly under what the laws allow and Treat the tenants with respect.
So far Everything seems to be working. Thanks for the Advice.
I am semi new to Real Estate investing. I recently purchased (11/2022 ) a triplex in Los Angeles CA. I wanted to ask advice on what your experience is with buying a property with tenants in it? What do you do with previous rental agreement's? Do you implement new rental agreements? If I wanted to start charging for washer and dryer use would that be possible? Any recommendations?
Thank you,
Edwin
Do you mind posting the address!!? I am just curious which one you recently purchased, I had been looking pretty closely at purchasing a MFH in LA!