Unpaid rent from vacating tenants
Hello BP community,
My wife and I purchased a duplex in a B class area about 1.5 yrs ago and inherited 3 adult tenants in one of the two units. This was my 1st property.
I live in one of the duplex units (my wife lives in another state) right after purchasing the duplex.
My tenants would pay rent late almost every month with late fees. Eventually one of the 3 adults became unemployed. The rent couldn't get paid. I gave them a pay-or-vacate notice, they decided to move out. It looks like they are moving out at the end of the month (we'll see).
The tenants are telling me they would like to pay the remaining rent, when they are able to, after they move out.
The letter I mentioned above was a pay OR vacate letter, not a pay AND vacate letter. But if they want to pay unpaid rent ... I don't see why I would say no.
I was looking into promissory notes as a way to collect that unpaid rent, but don't know a lot about them.
What do other landlords out there do with unpaid rent from tenants who vacate before the pay-or-vacate term is up?