I got my first rental and there is an existing tenant in place. The tenant's current lease with previous owner is supposed to end August this year (in 5 months). I'm I supposed to start a new lease or assume existing? If I keep existing lease, what else do I need to have/do. I appreciate your input.
Investor · Brookfield, WI · Member since 2014 · 110 posts · 99 votes
9y
You need to check your state landlord tenant laws and abide with them. It varies from state to state. The question that I'm sure many people are dying to ask is how could you not know the answer to this sort of question before putting any money on the line? Didnt you at least want to know what you were getting yourself into?
Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
9y
WOW running start,, way to go trying to figuring out how to be a landlord after the fact.
Yes as @Russ M. suggested,,download a copy of your states landlord tenant laws. This is your new PLAY BOOK...
Once you've read that your question will be answered,, but the short version is.. basically you would want to start a new lease.
If you feel the apartment is worth more money, you give a notice of increase of rent with the renewal proposal.. if you don't want the tenant anymore you give a notice of non-renewal.
Notice periods are in your lease,, usually minimum of 60 days prior to the first of the month.. so you'd need to give notice of any changes before July 1st.. I usually give mid month so I do mine like June 15th.. If their lease ends August 31.. they would need to give you written notice prior to July 1st if they want to move out end of August for proper notice, depends on wording also of your lease but 60 days is usual.