Closed first deal--inherited tenants questions

2 Replies

Hello all, 

I just closed my first deal on a duplex that I plan to owner occupy. I have a tenant who's lease is up on 30 November, and at that time we plan to move into that side of the home. The state of Texas only requires 30 days notice to vacate, but these tenants have been in the unit since 2002, so I feel like I should give them extra notice since they are probably not prepared to move. Anyway, what are your takes on this? Should I give 60-90 days notice to them so that they can prepare for a move or am I being too nice? From all of the rental history I have gotten from the previous property manager they have been good tenants. 

Also, the seller didn't give us the keys to the units. My husband spoke with them and they told him that we have to get the copies from the tenants....that just doesn't sound right to me at all. I'm thinking we should just set a time up with the tenants to change the locks and give them new keys to be on the safe side. Any advice on this?

Christie

I always change the locks on smaller properties to key pads. They cost a tad more upfront but I can easily change the code when needed and there are no more lock out calls.

It's a duplex when is the other units lease up? How long have they been a client? It may pay to wait and move into that side. You will be asking a client to leave that has been there since 2002, there aren't going anywhere in the future and the biggest expense you have is vacancy and turn cost. I'm not saying don't do it i'm saying think it through. You have a client that isn't going anywhere, you ask them to leave and you move in, 6 months later the client renting the other half gives his notice, a new tenant moves in then moves out at the end of the first lease or maybe the end of the second. Now your into your second turn and screening, marketing process etc. Now none of this may happen. But just weigh the pros and cons to your decision is all I am saying.

If it were me I would give them more then the required 30 days. If they have been good clients and it sounds as if they have been. 

They have been in the unit for about 4 months. I used the VA loan so we are supposed to owner occupy, plus we are living in our fifth wheel at the moment and can't imagine spending another summer in it! I have gone back and forth about keeping them in place knowing that they have been there for so long.

I like the keypad recommendation, we'll probably do that! Thanks for the advice.

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