All Forum Posts by: Van Tran

The listing agent finally got a hold of the remaining tenant and he said he wanted to stay, but could only afford $250. So we turned out to be very lucky in that the tenant decided to move out, and early at that! We did a walk through and the apartment is indeed vacant. The seller will return their deposit to them so we don't have to deal with any of it. Phew

Thanks @Thomas S.,  you made good points which crossed my mind as well about them possibly not even paying rent to the dad. The seller is older and I don't know if he'll be able to get them out in two days, but I may just ask tomorrow. 

The lease terminates on September 1st. The lease states, 'the Landlord will notify the tenant of any new lease, or non-renewal at least 30 days before the end of the present lease. ... In the event neither the Landlord or the Tenant give notice of non-renewal to the other, the Lease will continue for another term of 1 year." I pointed that out to my agent and she said that it's covered under our agreement of sale "Seller will not enter into any new leases, nor extend existing leases, for the Property, without the written consent of Buyer."

I've contacted my agent to get the tenant's contact information to figure things out. I'm now starting to think the sooner we get rid of him the better. 

I love BP. 

Hi everyone, we're finally closing on our first property in a couple of days. And the fixed term lease for one unit is expiring in two weeks. There are two individuals living in the unit and one is the seller's son. One of the tenants stated that he was going to leave at the end of the lease, and the other tenant expressed interest in staying. We're not sure if it's the seller's son that's leaving or staying. 

The agents relayed our contact information to the tenant 5 days ago to get in touch with us, but we haven't heard from him yet. We plan to leave a letter of introduction on his door on the day we close with a lease option. We just aren't sure which one yet. The unit is getting rented at below market rate at $500. If we were to rent it to a new tenant, we would try to rent it at $750/month. 

So we're stuck on these options:

1) Would you offer to let him rent the unit for one more month to give him time to find a new place? If so, would you make him fill out a rental application and do a background check for a one month term? This would also require that he put the utilities in his name for one month because they are currently reimbursing the seller for utilities each month.

1a) Would you rent it at the same low rate or raise it $650? I only feel the need to rent it at the same low rate because I feel that he doesn't have much time to find a new place.

2) Would you not offer the one month option and only offer the unit to him for a one year lease at a discounted $600 (because he is an existing tenant). In this scenario we would definitely make him fill out an application and do a background check.

3) Would you treat him as a new tenant and rent it at market rate for a one year term?

Thanks for the warm welcome everyone! 

Hi everyone,

My partner and I recently moved from California to Pennsylvania. We got tired of the high cost of living and I knew it would be very difficult for me to buy investment properties there. I also didn't want to be around for when the BIG one hit.

I've always had an interest in taking advantage of the passive income that we can get from rental properties. But just recently I came across the BP podcasts and forums and now I'm completely addicted and am excited to get started! I have learned so much about house hacking, how to use little money down and most importantly, I feel comfortable jumping in. 

Our only experience in real estate so far has been that we purchased and sold our primary home in the SF Bay Area. We're temporarily living in Reading, PA, while we look for a place to stay around Philadelphia. 

I'm really interested in starting out with a small multifamily property while living in one unit. 

See you in the forums!