 One roommate passes (by Dan [NY]) Aug 15, 2018 8:20 AM
 One roommate passes (by S i d [MO]) Aug 15, 2018 8:27 AM
One roommate passes (by Dan [NY]) Aug 15, 2018 11:33 AM
One roommate passes (by WMH [NC]) Aug 15, 2018 1:09 PM
One roommate passes (by plenty [MO]) Aug 15, 2018 2:24 PM
One roommate passes (by Dan [NY]) Aug 15, 2018 2:33 PM
One roommate passes (by Dan [NY]) Aug 15, 2018 5:53 PM
One roommate passes (by Dan [NY]) Posted on: Aug 15, 2018 8:20 AM
Message:
I received a call from my tenant. We have two couples we rent the house to. The one tenant (41) passed away the day after his birthday. His girlfriend recently moved into the house a few months ago prior to his passing. The other couple called me to keep me posted of the situation. I don’t know the cause of the passing at this time. His girlfriend will be moving out of the house and the other couple will stay in the house. They are qualified to maintain the lease per income initialscteening and have no late payments. Two questions:
Do I need to write a lease amendment?
Current couple would actually like to purchase the house. Any purchase options if we wish to sell? We are going to sit down and chat in a couple of weeks. --68.192.xxx.xxx |
One roommate passes (by S i d [MO]) Posted on: Aug 15, 2018 8:27 AM
Message:
Rough deal....but ultimately, your job is to protect your income and run your business.
No lease amendments. Those get thrown out of court, and there's a lot of misunderstandings as to who is responsible for what later on. If you want to let one party off the hook, then there needs to be a formal notice given by all living parties that they are ending their lease. Then you do the walk thru, note and repair damages and bill the deposit, then collect a new deposit and sign a new lease with the remaining tenants.
Is it a hassle for them? Sure. Does this protect your income AND the tenants' from later unresolved issues of damages and responsibilities? Yep, no question. Is it a hassle for you? You bet. Explain why you're doing this and charge them a $100 document prep fee. You're under no obligation to let one tenant off the hook and let 2 stay. You are giving them what they want...get paid for it.
Do it right or don't do it at all.
Tenants often say they want to purchase the house, but success rates are very low. Learn all you can about RTO, lease options, land contracts, owner financing before proceeding. The failure rate of these deals is somewhere between 50-95%, according to the folks who do these kinds of deals and post about them here on Mr. LL. Odds are, once you see how these deals typically work out, you will not agree to sell to them.
--173.19.x.xxx |
One roommate passes (by Dan [NY]) Posted on: Aug 15, 2018 11:33 AM
Message:
Do I need to worry about the security deposit for the tenant who passed away? The lease is written for the security deposit to be returned to all tenants. In other words, it goes with the house, not the tenants, My reason for thinking the lease needs to be amended since one tenant passed and the other will be moving out. I’m not even sure we want to sell since the house is in a SDIRA and took a lot of effort to set up. --68.192.xxx.xxx |
One roommate passes (by WMH [NC]) Posted on: Aug 15, 2018 1:09 PM
Message:
You don't have to sell, so put that aside for now. It's just jabber.
The tenant probably passed from opiods...just sayin'.
His estate might be due a refund but not until the house is vacated with no damages. So, someday, do NOT refund the full amount, if you were going to, to the two remaining tenants without clearing it with an attorney.
I had a tenant die once and her kids and boyfriend lived out that month in the house. I did NOT ask them to move early but I *did* retain the SD to pay the next month's rent. They were shocked...her attorney called and asked if I couldn't have a heart for the kids, and I said I did...I didn't ask them to move when she died! I let them stay until last day, didn't show place, didn't line up new tenants, etc. I felt sorry for them but the SD is to protect us from financial damages, it's not a savings account for the kids. --50.82.xxx.xx |
One roommate passes (by plenty [MO]) Posted on: Aug 15, 2018 2:24 PM
Message:
Did the man die in the house? --99.203.xx.xxx |
One roommate passes (by Dan [NY]) Posted on: Aug 15, 2018 2:33 PM
Message:
I don’t believe he passed in the house. My thought was opioids too. It’s is very common these days. They are good tenants and never late with the rent. I’ll be fair, but have already reached out to my attorney. I figured most folks on this forum have encountered a similar situation. --68.192.xxx.xxx |
One roommate passes (by Dan [NY]) Posted on: Aug 15, 2018 5:53 PM
Message:
It turns out he passed in the house. He was found when his house mates came home from work. --68.192.xxx.xxx |
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