Real Estate Investor · Nashville, TN · Member since 2013 · 62 posts · 2 votes
I have this 3-plex I am looking at buying and it has 3 tenants. 2 of the 3 tenants have not signed lease agreements. Can this make it difficult when setting the rent? Can I evict the tenants if they do not want to sign lease agreements? I am very adamant that I will make the tenants sign lease agreements. I am worried it will be a he said she said game when it comes to rent once I purchase the property.
Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
12y
You are right. Put them on month to month at the same rate they are paying now, and if you're thinking about raising the rent after you take over you might lose the tenants.
Real Estate Investor · Troy, MI · Member since 2014 · 139 posts · 23 votes
12y
Generally speaking, if they dont have a signed lease, that puts them on month to month. In general, 1 months notice to vacate should be enough. Im not a lawyer, just my experience with some commercial income property.
Real Estate Investor · Troy, MI · Member since 2014 · 139 posts · 23 votes
12y
Opps hit post too soon. I would think that you could give them a 30 day eviction notice, and then inform them that they can stay only if they agree to sign a lease and agree to your terms.
Opps hit post too soon. I would think that you could give them a 30 day eviction notice, and then inform them that they can stay only if they agree to sign a lease and agree to your terms.
That's what I am trying to figure out if I can legally evict the tenant if they do not want to sign a lease agreement.
Real Estate Investor · Troy, MI · Member since 2014 · 139 posts · 23 votes
12y
Unless Texas has some wacky law about it, you should be able to. Just checked. In Texas, if they have no lease, you can evict with 30 days notice without reason. So yeah you can do what your wanting to do.
Again, Im not a lawyer, but the 30 day thing is pretty common when theres no lease, and if you google eviction without lease in texas, everything there says you can.
Real Estate Investor · Nashville, TN · Member since 2013 · 62 posts · 2 votes
12y
Originally posted by @Account Closed:
Why buy with tenants who might cause you problems. Have the seller to evict before you close and start new.
Joe Gore
That's a great idea if the tenants trash the property and do not pay. If good tenants are already in there, then why would I pay a property management company to put someone in there? Why would I incur unnecessary vacany loss?
Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
12y
You are right. Put them on month to month at the same rate they are paying now, and if you're thinking about raising the rent after you take over you might lose the tenants.
Real Estate Investor · Nashville, TN · Member since 2013 · 62 posts · 2 votes
12y
Originally posted by @Account Closed:
You are right. Put them on month to month at the same rate they are paying now, and if you're thinking about raising the rent after you take over you might lose the tenants.
Property Manager · Greer, SC · Member since 2013 · 51 posts · 14 votes
12y
Ref the month to month tenancy scenario, one strategy I've read here on BG that I like a lot is charging a higher month to month rent and offer an option to sign a lease for a lesser monthly rent.