always have tenant house keys?

Question

when i bought my last house it was tenant occupied-they are there for 10 years and continue to pay rent on time without issues.

Is it important for me to have  a copy of the keys?

I live 2 hours away-- don't know why i might use them...but it is MY house---thanks!

Jeff B. · Answer

I am an absentee LL (120 miles away) and my service contractors need access from time to time.  So I keep three full sets of keys for all units:

• one set in the locked maintenance locker
• one set held personally
• last set held by the tenant(s)

It takes organization to manage keys.

Cedric Van Duyn · Answer

Question from a newbie (me): Is it "standard practise" to sign new leases with inherited tenants? I just bought a 6plex and I am wondering about this. I inherited a vacancy and raised the rent by $25 no problem (could have done $50!!). Should I consider having each new tenant sign a new lease with (potentially) increased rent? Is that standard, and is that permissible in spite of the fact that they have leases that are current? (Some are month–to–month, so those could be adjusted.)

John Thedford · Answer

Yes. I have one for every rental. I can give a 24 hour notice to inspect and if they are not available no problem. If there is a security, health issue, or emergency issue, no problem. Make sure you keep the keys locked up. I never give access to a property unless I am there to make sure no games are played.

Marci Stein · Answer

Yes , new leases were signed.-why?

Same rent though.( I know,I know....mistake)

Chris T. · Answer

@Marci Stein

It's probably a good idea but not necessary.

But if you do have that set of keys, you could save yourself a locksmith's fees in case if any emergency came up.  Just curious, did you sign new leases with this inherited tenant once you bought the house?