To keep or not to keep tenant
Hello everyone!
Looking for some guidance. I am in contract for my first investment property. It is a 2 Family. Per my contract I stated that the owner needed to establish a 6 month lease with the first floor tenant in addition to raising the rent and collecting a security deposit. The reason I extended this offer was because the current owner stated the tenants have never been late nor missed a rent payment in 6 years. However, yesterday I discovered that the tenant did not pay last months rent. While there it also came to light that the tenant has many family members visit for months.
What would you do in this situation?
Let me know if you need anymore relevant information.
Thanks!
Most Popular Reply
You took an awesome situation, a month to month tenant, and screwed yourself by asking they be put on a 6 month lease. In the future, all inherited tenants should be left on month to month lease, or ideally ask for units delivered vacant. This avoids the issues you get when taking on tenants that were not properly screened by the old landlord.
Your only option now is to walk away or push current owner to evict or move to cash for keys. it may be to late to request the unit be delivered vacant, but if not that's what I would suggest doing. if you follow through with the purchase, keep this tenant on the shortest leash possible and start saving up for the (very likely) eviction cost.