Pros & Cons of Inherited Tenants


So today's question is when you purchase a property with attendant already in the middle of their lease. Can you increase the rent or do you have to wait until their lease is up. So that's pretty straightforward. Answer is depends on the lease is a a month to month lease or one year lease or a two year lease so of their leases. Not yet you have to wait until their lease is up there. On a month to month lease you can give them notice that you're going to increase their rent or you can give them notice that one releases up you are going to increase it. If say they have six months left on the lease and look at your state laws because some states like new york state they have different requirements as of the time period. For you to give notice that. You're not going to renew a lease or that. You are going to increase the rent. So i don't know exactly but it's something like if the person has lived there for less than a year it's thirty days notice if they lived there for two years. It's sixty day notice any longer than that. You have to give maybe ninety days notice so make sure you know your state laws and regulations to when you are giving notice that you're going to increase the rent. Tony what do you have. Yeah because the only thing i'd add is that sometimes there are situations where maybe there isn't at least in place right like the owner. The landlord their current owner doesn't know where it's at or can't remember what it was and i haven't purchased a property where i've inherited attendance but in talking with some of my other investing friends one of the things that they use it's called an stoppable agreement and basically you just get the current party so the owner the landlord and the current tenant to sign the agreement saying. Hey here's what we believe the current terms of the lease to be that way when you step into it as the owner. You're not surprised by the owner. Told me that this is what was happening but attended thinks that this is what's happening and then you're kinda stuck between a rock and a hard place and a stop agreement as a way to kind of get past that

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