All Forum Posts by: Wade Garrett

I have inherited a tenant on a fourplex that i closed on last week and would appreciate some advice.

Some background:
- She is on a month to month, with 60 days notice.
- She pays $900, market rent $1,100.
- She also has the entire two car garage, which i want to reassign to another unit.
- When she got wind that the old owner was selling, she stopped paying him rent. He filed for eviction and she eventually paid up.
- She has told me she may be late with rent this month. I said she had until the 20th (according to her lease) then i charge a late fee, also in the lease.

I am going to raise her rent and kick her out of the garage. I may also file for eviction this month if she doesn't pay up.

My question is: how long should i wait to offer a new lease? Honestly i would prefer to keep the unit rented as a first time landlord. I want to give her a month or two to see if she pays rent in order to even offer a renewal option. If she doesn't, no offer. But if she does, i don't want to wait to fix inefficiencies in my new property. I want her paying more ASAP.

Thanks

I just closed on a fourplex, and I am working out the kinks with tenants, leases, and parking. 

The fourplex is one 3 BR and three 1 BR's. 
For parking, I have a two car garage, two open spots, and a driveway. Enough for everyone. 

Currently, the largest 1BR pays $900 (market rent $1,100) and has half of the garage. She is on a month-to-month. 

The 3BR was promised half of the garage by previous owner, but never in writing, and the woman in the 1BR is difficult to share with. 

If I had it my way, the 3BR would have the whole garage (for higher rent). The 1BR woman is a pain in the ***, and I want her rent up, and her out of the garage. But I also don't want to ram up her rent and take away storage at first chance. I have a problem with it from a principles perspective. 

I am thinking giving her two choices: $900 rent, move out of the garage, or $1,025 to take the whole garage. 

Your thoughts?

I don't know. I still like the guy's terms. I think I'll give him a shot.

Thanks all. This was good advice. I went to the property today, told her that it was $900. So that is sticking. It annoys me that she tried to BS me. And the truth is, she isnt doing a good job of landscaping the property, which has potential to he very pretty. I spoke to the old owner today. He was getting $1,100 before she moved in. Im doing cost/benefit analysis of keeping her vs paying for landscaping/snow removal/ handywork separately. I am going to keep her on a month to month until i get comfortable with either her, or the idea of replacing her. Will keep you updated.

I just purchased my first fourplex and have a tenant who I foresee being an issue. 

She is currently on a month to month, as her previous lease with the old owner expired. The old lease says the rent was $900. Her security deposit is $900. There are payment receipts of $900. The tenant claims she is and has been paying $800. Market rent is $1,000. 

It sounds cut and dry when posted like that. But she also maintains the property in exchange for discounted rent. So I don't technically have to do much on a day-to-day basis. 

I am a little apprehensive about calling her bluff and calling her a liar right off the bat. Also, her residence in the place is fairly crucial to the investment. 

How do you recommend I handle her?

Thanks. 

When do you start threatening eviction on a tenant? After one month of nonpaying? I just closed on my first fourplex, met the tenants yesterday, and one is already giving me a song and dance about this month's rent. I can tell she's going to be a problem.

Fourplex in Wanaque, NJ. Very excited, but it hit me this afternoon that I am responsible for the property now. Yikes. 

Why would I up my offer? I can close on the property, but it would be a bit of a leap of faith.

My lawyer has contacted them. They claim that the tenants' leases are expired and they cant provide copies. But i know two tenants have been put in place in the past six months. I have spoken to all of the tenants and they have told me what they pay, but i want it in writing. My realtor is going to the property itself to have each tenant verify their rent. I plan on putting all tenants on a year lease once i take the property over. Waking away isn't a good option. I've sunk thousands into attorney's fees, appraisal, survey, mortgage applications, etc. I want to close.

My offer was accepted on a property 6 weeks ago, been out of attorney review for 5 weeks and the seller still has not provided current leases. I have spoken to all of the tenants, and they have told me what they pay. But obviously I need to see legal documents with my own eyes and he just hasn't sent them. I have asked half a dozen times and it is a stipulation in the contract.

He has a better buyer away, so I don't want to break contract over it. 

Any suggestions?