Rental Property Investor · White River Junction, VT · Member since 2017 · 23 posts · 12 votes
Hello BP,
I have a current tenant that was renting when I took ownership of the property and was under a lease agreement that just exchanged hands. This tenant has been absolutely great, pays on time, no issues, keeps to himself.. ext. Toward the end of his lease he advised that he would be continuing his lease for another year but advised his girlfriend would also be moving in. I had her fill out an application just like anyone else and added her to the new lease agreement.
As of now, he has signed the new lease, but she hasn’t. For a perspective on dates, he signed his new lease on the 27th of last month which didn’t end util the 30th but she has yet to sign. So, looking to get some BP advice moving forward. Also, there rent was due on the first which hasn’t been paid and on the 5th day they will endure a late fee. Thank you all.
It would be a little odd if he always paid on time, no issues, etc. and all of a sudden stopped that when the new lease transferred over. It has only been 5 days, and if she just moved in all that is stressful. Have you tried contacting them and continuing some discussion? I wouldn't freak out on them about it, especially if he has been good to you.
Maybe work to set up a time this weekend where they can sign the lease. If you continue to try and try and he is still MIA, then I would get worried.
@Jonathan Fredholm As a buy and hold investor such as yourself you're at VERY important moment. When you buy property and inherit tenants you accepted more risk. It's time to set the new standard. Be respectful but firm on late fees. It's a business and treat it as such. I wouldn't freak out on them yet but continue to communicate with them and see what happens in the next few days. They should respect you from the start or it's a rough road ahead. That's just my 2 cents.