 property with current ren (by JG [TX]) Sep 9, 2014 8:27 PM
 property with current ren (by Gruvin [TX]) Sep 9, 2014 8:51 PM
property with current ren (by Curious The George [NC]) Sep 9, 2014 8:55 PM
property with current ren (by gevans [SC]) Sep 10, 2014 4:40 AM
property with current ren (by Dan [MA]) Sep 10, 2014 5:10 AM
property with current ren (by Vee [OH]) Sep 10, 2014 5:34 AM
property with current ren (by CTLL [CT]) Sep 10, 2014 6:09 AM
property with current ren (by Pattyk [MO]) Sep 10, 2014 6:09 AM
property with current ren (by JG [TX]) Posted on: Sep 9, 2014 8:27 PM
Message:
State Specific Question About: TEXAS (TX)
Hey All, I'm interested in buying a four-plex that has a current tenant. The fair market value for a 1BR apartment in the town is ~$700, but the tenant is only paying $450/month. The other 3 units are empty. I'm planning to live in one and rent the other 3 units. What are my obligations to the current tenant? Does it vary if the tenant has a current lease or is month to month.
Also, in the event my obligation to the tenant is nothing or minimal, what do you all think is the fair thing to do? --98.196.xxx.xxx |
property with current ren (by Gruvin [TX]) Posted on: Sep 9, 2014 8:51 PM
Message:
You have to honor the written lease agreement in place until it has been satisfied. Depending on how it is written, you may not be able to increase the rent until the lease has been completed.
I would have to tour the unit and see how it was kept as well as what it lacked. When was the last time it was updated... If the unit is kept in good condition then I would set up a plan to increase the tenants rent over a period unless your PITI forces you to have all 3 rentals bring in 700 a month.
If the unit is run down and not well kept, give the tenant notice that his lease will not be renewed at the end of term. --99.126.xx.xxx |
property with current ren (by Curious The George [NC]) Posted on: Sep 9, 2014 8:55 PM
Message:
If the tenant has a lease or rental agreement it remains in force until it expires.
Get a copy of it. When it expires follow your states law about notification and do what you wish. Raise the rent or kick him out.
If he doesn't have a lease or rental agreement find out what your state laws say about that. It may automatically be considered a month to month and then the notification required to alter the agreement will be what ever your state says it is. --65.188.xxx.xxx |
property with current ren (by gevans [SC]) Posted on: Sep 10, 2014 4:40 AM
Message:
Don't forget to collect his security deposit from the seller. --141.129.x.xx |
property with current ren (by Dan [MA]) Posted on: Sep 10, 2014 5:10 AM
Message:
FYI: Regardless if $700 is a fair rent, you'll never be able to raise a tenants rent from $450 to $700 and not have them move. Even if they have enough income, they are used to paying $450 and have probably built their spending habits around that number. So if you want $700, you'll need a new tenant. --64.197.xx.xx |
property with current ren (by Vee [OH]) Posted on: Sep 10, 2014 5:34 AM
Message:
Damage deposit, appliance status, parking fees, copies of keys, outstanding electric/gas bills - all needs to be written and accounted for prior to closing. --75.94.xxx.xxx |
property with current ren (by CTLL [CT]) Posted on: Sep 10, 2014 6:09 AM
Message:
I would be concerned that there are 3 empty apartments and the one occupied is paying only $450. Could be the $700.00 asking price is too much and that is the reason for the vacancies - and why the building is for sale.
--68.229.xx.xx |
property with current ren (by Pattyk [MO]) Posted on: Sep 10, 2014 6:09 AM
Message:
sometimes you find out you may want to keep that tenant at $450,,, lots of reasons why, it's not always "how much more money can I get" --173.157.xxx.xxx |
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