All Forum Posts by: Michelle Pietras

Hi!

We just closed on our first 4-plex on the 1st. All units are occupied with 2 under year long leases and 2 m-t-m leases.

We want to send out lease renewals to the m-t-m renters to get them on our lease with a few options on lease terms. 

Wondering a few things:

-wait and see what type of renters they are for month or so before sending out a renewal offer under our lease?

-do you send a copy of our lease for them to review with the lease renewal letter?

-increase rent a bit? (they are under market value)

Do you prefer year long lease renewals or m-t-m? Pros and Cons of each?

I'm second guessing my thoughts on everything and would love to hear how other handle their lease terms with their renters!

TIA!

Thank you for the feedback and recommendations! We set up to have it evaluated further with a basement specialist to see what we are dealing.

We put a offer on a 4plex and had the inspection yesterday (a day after it snowed). We found standing water in the crawl space which is concrete pillars/walls but dirt flooring. No sump pump or drainage system. Inspector didn't seem worried about it or potential mold. We are thinking of asking sellers to install a sump pump or some sort of drainage system. Has anyone been through this or have any advice about the standing water? I'm sure it's weather related. House was built in 1976. 

Thanks Jessica.  So the best way to go about this is to contact our realtor to reach out to the landlord about this and go from there? 

Hi! Our offer for our first 4-plex was accepted last Thursday, yay! It has current renters and we have requested to see their current leases, which we are waiting for. We would like to send a Estoppeal Statement and I have a few questions.

Do we need the current landlord to sign this form as well?

Do you send a cover letter with the Estoppeal Statement,  letting the renters know we are in the process of taking over the property and the purpose of the statement?

Do we send it directly to the renters or have our realtor send on our behalf?

Give a 10 day time frame for them to return It? And should it be return to us or the realtor?

Any other tips or suggestions are greatly appreciated!

Thanks,

Michelle Pietras