Best way to transfer existing tenants from one property to another

[Bienes Raices]

I have some tenants in one house who have been paying on time, but they would like a cheaper place to live. I am closing on another property soon that will be about $100 cheaper in rent. But since the prospective tenants are supposed to hold the other property with a deposit in advance, but I cannot give them their security deposit back for the house they are currently living in until they are out of there, I'm not sure if they'll be able to put down an extra deposit.

In addition, the house they live in now is owned in my personal name, but the new house will be owned by an LLC.

Is there a good way to do this?

[Rob K.]

Bienes Raices I would first talk to them and see if they have any money for the new security deposit or if they could borrow it from someone. If not, and you trust them and they're good people, you could take less of a deposit from them and work with them on getting the rest, or transfer some from the other house to the new house.

As far as transferring from your name to the LLC name, you could always write a check from you to them, have them sign the back and make payable to your LLC, and then deposit it into your LLC account.

I've had tenants move from one house to another house two times this year. With one, I got a new deposit before releasing the old. With the other, they had no money and were very dirty, but they paid like clockwork for four plus years. They had more than paid for the entire cost of the house. I let them move to the new house with no deposit and kept the one from the first house. I know that they will stay for many years. I will need to paint and carpet the house when they move, but that's a small price to pay to have paying tenants stay for several years or longer. They might be lifers.