Buying a rental house with tenants
I am in the process of buying a house that are friends of the current owners. They are on a month to month written lease with no deposit.
The current owners said they have been good tenants with on time payments. They are currently getting a deal from the owners with a $774 month rental payment. I am already planning to increase it to $850 after the first of the year. What do I do about the deposit?
Most Popular Reply
Nathan Gesner
Property Manager
Agent
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- Real Estate Broker
- Cody, WY
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You are about to make a mistake. There shouldn't be a conversation. There should be a written notice with your instructions and the Tenant either complies or moves out.
that's just a simple example. The point is, you need to take control of the situation. Be kind, be honest, be fair, but be a business!
- Nathan Gesner
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