Updated almost 8 years ago on . Most recent reply
Changing payment process for inherited tenants
I'm closing mid-December on a tenant-occupied SFH. This is the first time I've purchased investment property with tenants in place, so want to be sure I do everything correctly. Their lease runs through July 2018. Current owner lets them mail a check for monthly rent. This has been a problem for her due to delivery delays and mail theft. I've avoided similar problems with my own rentals by requiring tenants to pay online.
My question: can I require the inherited tenants to pay rent online even while they're on their existing lease?
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Jon Holdman
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Depends on what's in the existing lease. The lease remains in force and if it allows mail payments, you're stuck with them.