Rental Property Investor · Seattle, WA · Member since 2014 · 1k+ posts · 1k+ votes
I'm moving back into one of my rentals this November and renting out my currently primary residence. Was planning on finding tenant for property A (primary residence) first before giving notice to tenant at property B. They are on a month to month lease, and the house looks just like I left it, so it's not going to need major anything to get it move in ready.
What I don't want to do is give them notice prematurely since I will then be stuck carrying two mortgages at the same time by my self. Yes I have reserves, heck I have the income, I just prefer saving the money for a new deal. So I figured I'd find a tenant for my current residence first, and hopefully still be within the 20 days notice period before the end of the month.
Personally, I would secure a tenant for your current residence before giving notice and relocating. I would just advertise "available from" and give yourself a reasonable time that factors in notice period for prop B and turnover. I am considering doing the same thing next year for my primary residence. Just my thoughts.
Sounds like a plan, especially if you have a place you can crash for a short amount of time if the timing doesn't work out perfectly. It kinda depends on your tolerance for dealing with the uncertainty and how many belongings you need to juggle. It's easy to stress out about moving dates and notices, but things seem to work out in the end.
Personally, I would secure a tenant for your current residence before giving notice and relocating. I would just advertise "available from" and give yourself a reasonable time that factors in notice period for prop B and turnover. I am considering doing the same thing next year for my primary residence. Just my thoughts.
Yeah, like I was saying, I'd hate to give the tenant notice and end up not finding a tenant for this place, then I end up even worse, paying two mortgages by myself.
I have a solid plan B I think in case it doesn't work out. If I don't find a tenant (Plan A) for my current residence I will just wait until mid January when I can list it for sale and stipulate the closing date be for mid February, when I bought the house 2 years ago...
Of course I'd give the old rental tenants notice that I'd be moving back in February 1 before I even list it. Houses in my market go fast. I hate the neighbors here anyways and should have enough equity to buy two houses with the proceeds.
Get tenant out of where you plan on moving to before you fill where your moving from unless you can stay in a hotel.. if tenant "balks, stalls, plain just refuses to move" what ya gonna DO?
You'd have to file eviction action, wait for court hearing and be out of a roof over your head.
Take the loss of a month's rent, get the tenant out so you have a great place to advertise that your moving out of and can transition smoothly.
Get tenant out of where you plan on moving to before you fill where your moving from unless you can stay in a hotel.. if tenant "balks, stalls, plain just refuses to move" what ya gonna DO?
You'd have to file eviction action, wait for court hearing and be out of a roof over your head.
Take the loss of a month's rent, get the tenant out so you have a great place to advertise that your moving out of and can transition smoothly.
The tenants at the property in question have 750+ credit, and are outstanding. That will not be an issue. I've had two tenants that moved within the hour when I showed up after their argument and attempt at BS. Besides the fact that I'm in the legal right, I'm not a small little boy or frail old man; I am menacing looking....People move when I tell them to.
Great Tenant? Why not give the tenant notice, then move?
Yes it is business, but also as landlords we want to make sure we give our good tenants the ability to find a new place instead of rushing them also.
I prefer to err on the side of keeping a fair landlord reputation. I have individuals wanting in my B and C properties, so I can pick and choose my tenants.