Updated about 4 years ago on . Most recent reply
Inheriting 4 tenants, one has to go for us to owner-occupy.
BP,
I come to you as a BRAND NEW landlord (we just closed on our Anchorage, AK 4-plex YESTERDAY and couldn't be more excited). We will be owner-occupying/house-hacking it for about a year. It is currently fully occupied and we need to notify one of the tenants that we will be occupying it within the next 2 months. My questions are:
1. When you inherit tenants, do you need to immediately establish your own leases, or can you continue with the standing lease from the previous owner until it expires? (Any other tips/considerations/suggestions when inheriting tenants, especially multiple at once?)
2. When issuing notice that one of the tenants needs to move out, what is the best way to do that? Today is September 16th and I need them out by October 31st, so I want to give them as much time as I can, and do it all legally of course.
3. I will be rehabbing that unit with mostly cosmetic updates. There are currently some holes in the drywall that will need to be fixed, so should I charge the tenant for that damage and withhold it from their deposit when they move out?
Lots to consider and learn, but I'm looking forward to it all. Thanks in advance for your help and advice!
Most Popular Reply
1) the existing lease is still a contract the tenant has. You can ask them to get on an updated lease. But they don't have to. Go through your rent rolls to see who has the worst payment history or maintenance issues. Offer cash for keys if needed to inspire them to leave.
- Kyle Mccaw
