All Forum Posts by: Billie Jo

I have not run into any tenants that have said anything like that.... we keep the same terms as in if the lease is up in July with the prior landlors, our lease is for the same terms until July, we don't terminate tenancy.  We like having occupied buildings! 

We don't change the terms, rent amounts, expiration etc.  but we explain that we are new landlords and we may run things differently so we like to explain everything so they know what they can expect from us and what we expect from them. Clears up any confusion.... 

That's a great attitude! There are actually houses everywhere! Just gotta wait for the right deal and know when to jump.

Yes, be careful! Always check with zoning and permitted uses, especially if it has been vacant!  You may be required to remove a unit, go through a zoning variance or who knows what..... do your homework! 

I would be patient..... they always say you make your money when you buy.  Maybe just put in the offer at a lower purchase price,worse they could do is reject it, right? Waterproofing or new gutters or re-grading the yard could really eat up the $1500 profit you will get in 12 months of ownership.  Good luck!

Depends on what the lease says.... if they can't get over it tell them to move out and you will get new tenants. 

If it is just cosmetic, then you could just use painter's caulk, that would be a quick fix.

I just say that the building has not ever been inspected or approved for section 8. In my area there are limits on the rents that can be charged and our units are sometimes priced above what is permitted, I ask the tenant to verify with section 8 the permitted bedroom count and rent amount. If our unit would work for them, we will show them and let them fill out an application to be considered. 

We require any inherited tenant to do a new lease immediately after a closing, then we can explain how things are going to be. How can you enforce a lease written with someone else? Even if you just go over the existing lease and explain your expectations and initial.

But...... since you are in the position you are in.....I think it's always better to get the rent and have them leave on good terms.... I would serve a notice the rent is to be paid the 8th with late fee. Explain that if the rent is not paid next month on or before the due date, you will not be giving another chance.  Perhaps suggest he should look elsewhere for something less expensive? I explain how they need to budget, so if rent is $800, that is $200/week they need to keep from every check for rent..... (lots of tenants just don't get it)

Call him out on the dog, it is not allowed (he knows you know) Get rid of it,how can he afford to take care of a pet if he can't pay rent?

I also think it is important to let new tenants know that you will take care of any issues as per your lease. Ask them to put the issues down in writing so that you have it for your records.

Sounds like you will be making that hour commute more than you would like, hopefully the tenant is trainable...

Is there a local real estate tax collector or other person (neighbor or mailman, etc.) that could point you in the right direction?

If it were easy, everyone would do it, right?

Keep looking for a county or local bank or credit union.... you should be able to find one! Perhaps when you call you could ask for their commercial loan officer or their main branch phone #.  Good luck!