All Forum Posts by: Masha Rizzi

@Liz Faircloth - It's so funny you mention delegation because that's something I've been actively working on this year as well! I've always struggled with delegating, from tasks at home to ones in my other businesses. I always get stressed that they aren't getting done (or getting done the way I'd like), so I take all the tasks back without even trying to communicate these things to the people around me. 

I'm determined not to be that way with real estate, especially as I see so many investers doing amazing DIY updates to their units! I just have to remind myself that, while I can do those things too, it's worth the extra dip into profits to hire contractors and free up my time for other tasks (I mean - worth it to me - I really wish I had more time to do all the DIY upgrades!)

Iman -

thank you for the advise! I didn't even think of leaving 2 separate notices. That's a good point. 

After reading your comment, I am thinking 45 days is more reasonable for both me and them (rather than the initial 60 days/2 months I was considering)

Drew - 

So what would your advice be in this scenario ? Wait until I receive the last rent payment of the last month? 

I'm currently in the process of purchasing a multi family property. This is my first time purchasing a multifamily and first time inheriting tenants 

Unfortunately 2 of the 3 units haven't been upkept or repaired in quite some time. They have significant general issues plus safety issues as well (like flooring falling in). 

While I'm excited to have paying tenants already in place, I'm not comfortable keeping them beyond their current leases due to the conditions of the units. I plan on mostly gutting them and renovating them asap. 

My question is, what would be the best way to give those 2 tenants notice that their leases will not be renewed? 

Im closing March 30 and their leases end May 30. I was planning on including a letter stating that im the new propwrty manager, how to pay the next couple months rent, and letting them know that their leases wont renew. Is it a good idea to let them know all that info at the same time ? Are there better options that im not considering ?