All Forum Posts by: Derone Patterson
Derone Patterson has started 28 posts and replied 65 times.
Post: owner occupied multi-family eviction
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Colleen F.:
Give notice of non-renewal , in some states that is longer for the disabled. Check your state landlord tenant guidelines.
great advice, i will do that.
Post: owner occupied multi-family eviction
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
How do i go about evicting an inherited tenant. Has a month to month lease. Tenant on disability.
Post: owner occupied multi-family eviction
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
How do i go about evicting an inherited tenant. Has a month to month lease. Tenant on disability.
Post: owner occupied multi-family eviction
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
How do i go about evicting an inherited tenant. Has a month to month lease. Tenant on disability.
Originally posted by @Austin Entrop:
don't worry about the tenants feelings to an extent. If you raise the rent $175/month is it worth it?
If a make ready and new tenant acquisition will cost you less than $2100 then send them a lease renewal and raise the rent. If they move its ok. Your new tenant will make up the difference.
Thanks very much. I will look in to doing that.
Im in the process of getting my first duplex as an owner occupier. I just got my appraisal report and it said suggested rent for the two units is about $650 and $675 per month. I will be inhering one tenant thats been living there for five years now and has been paying $500 per month ever sense. The duplex is a 1600 sq ft. Sells price is $97,000 It appraised for $98,000. Long story short. How should I go about increasing the rent to market value without upsetting the tenant? Thanks for reading and answering this important question.
Post: Duplex
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Tyson Luthy:
The other comments suggesting a background check is good advice. I'd leave the tenant on a month-to-month basis and not renew the lease for a bit until you know him better. If he causes problems, end his tenancy. If he is good, then sign a renewal.
Ok thanks. Good advice!
Post: Duplex
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Rob Campbell-Nixon:
So you are converting a duplex to a 3-plex? Your tenant might leave on his own because he doesn't like all the noise and inconvenience of construction. Ask the current property management company for a bank roll on the unit to see how long he has been there and what his payment history is like. Make sure to have good communication with the tenant about your plans for the property.
Thanks I will consider that.
Post: Duplex
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Account Closed:
@Derone Patterson Congratulations on your purchase!
I would start by getting any info on the tenant that you can from the current owner. You really need a copy of his rental app, lease and background check. If no BG check, then run one yourself. Then you can make an informed decision about whether to keep him or not.
If you decide to keep him, be sure to get an estoppel letter. This is basically a form where the tenant tells you if there are any agreements with the landlord that may not be in the lease. You don't want to hear later: "I know my lease says my rent is $500 per month, but the landlord said I only have to pay $300."
Thanks, you make a great point I will consider doing those things.
Post: Duplex
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
I'm going to be buying a duplex as an owner occupier. The purchase price is $100k its a twin with a ground level basement with a separate door entry way. Anyway the upstairs unit is already occupied with the rent $500 per month. I plan on living in the first unit and remodel the basement. Should I inherited the tenant upstairs or should I have him leave. He is on a month to month lease and prefer not to leave. What should I do? I don't know to guy and I'm concerned about potential things I'm not aware of about the tenant. Thanks for reading this.