Inherited Tenants
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Inherited Tenants (by Colleen [FL]) Sep 13, 2021 4:04 PM
       Inherited Tenants (by Colleen [FL]) Sep 13, 2021 4:05 PM
       Inherited Tenants (by MC [PA]) Sep 13, 2021 4:24 PM
       Inherited Tenants (by Jasper [OH]) Sep 13, 2021 4:57 PM
       Inherited Tenants (by Colleen [FL]) Sep 13, 2021 5:21 PM
       Inherited Tenants (by Richard [MI]) Sep 13, 2021 5:56 PM
       Inherited Tenants (by 6x6 [TN]) Sep 13, 2021 6:15 PM
       Inherited Tenants (by Landlord ofthe Flies [TX]) Sep 13, 2021 7:15 PM
       Inherited Tenants (by Vee [OH]) Sep 13, 2021 7:42 PM
       Inherited Tenants (by Busy [WI]) Sep 13, 2021 7:42 PM
       Inherited Tenants (by Allym [NJ]) Sep 13, 2021 8:36 PM
       Inherited Tenants (by Small potatoes [NY]) Sep 13, 2021 10:48 PM
       Inherited Tenants (by Gail K [GA]) Sep 13, 2021 11:16 PM
       Inherited Tenants (by Colleen [FL]) Sep 14, 2021 8:25 AM
       Inherited Tenants (by Ray-N-Pa [PA]) Sep 14, 2021 8:30 AM
       Inherited Tenants (by Colleen [FL]) Sep 14, 2021 8:54 AM
       Inherited Tenants (by Colleen [FL]) Sep 14, 2021 8:58 AM
       Inherited Tenants (by SHAUN [FL]) Sep 14, 2021 12:45 PM
       Inherited Tenants (by Colleen [FL]) Sep 14, 2021 7:01 PM
       Inherited Tenants (by SHAUN [FL]) Sep 14, 2021 9:40 PM
       Inherited Tenants (by Colleen [FL]) Sep 14, 2021 10:23 PM

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Inherited Tenants (by Colleen [FL]) Posted on: Sep 13, 2021 4:04 PM
Message:

This is the same subject that was previously question.

So my sister and I have closed on the property with an existing tenant. They verbally agreed the monthly rent and annual duration. The tenant has ended the lease with previous owner close to the settlement date. She should get the different amount back from the previous owner. We didn't have any document concerning the tenant in the recent transaction.

At this point, tenant doesn't agree with terms in the lease (few responsibility with household like changing air filter and some house keeping to prevent mold etc.) but we agreed on the monthly amount and annual as she wanted. Keep in mind the rent $ is lower (200) for her affordable. On the other hand, local handyman is $90/hr. Yes it is an expensive town. She has a high credit score. This lease covers the beginning on the 7th. We are not collect any money yet and would be when this contract is signed by both parties.

What risks could we be experiencing? What leverage does she have? I thought if we can't come to a happy term, we could just give what she wanted but only do a 3-month contract so that she would have time to find a place. She would not be please with duration, but doesn't work with us. My sister afraid she would ruin the house if she is not happy. I don't think that is the case as that would not reflect with a high credit score, though I can't be sure.

The TH was updated, well condition, coveted neighborhood, and 1/2 mile to the desired beach.

Thanks in advance for your info and inputs.

--173.79.xx.xx




Inherited Tenants (by Colleen [FL]) Posted on: Sep 13, 2021 4:05 PM
Message:

PS there was no Estoppel in the transaction.

--173.79.xx.xx




Inherited Tenants (by MC [PA]) Posted on: Sep 13, 2021 4:24 PM
Message:

Good people can go bad. --73.230.xxx.xx




Inherited Tenants (by Jasper [OH]) Posted on: Sep 13, 2021 4:57 PM
Message:

Why would you enter into a new agreement at $200 less than market rent just because she can't afford a higher rent? You are the new owner and can dictate the terms of the agreement with her, not the other way around, as she appears to be doing. Take control of your property now, or your relationship with her will only go downhill. --71.28.xx.xxx




Inherited Tenants (by Colleen [FL]) Posted on: Sep 13, 2021 5:21 PM
Message:

I agree, Jasper. My sister hasn't managed rental, and she is naive.

So let say we don't agree and not proceed, what do we do at this point? What kind of letter do we send and is 60 days duration okay or risky for us? How and when we collect the rent for this time?

--173.79.xx.xx




Inherited Tenants (by Richard [MI]) Posted on: Sep 13, 2021 5:56 PM
Message:

You need a real estate lawyer to get this worked out and all correct paperwork signed.

There is a learning curve involved doing management and often it's expensive.

Maybe it would be to your advantage to hire a property management company to handle it. --24.180.xx.xx




Inherited Tenants (by 6x6 [TN]) Posted on: Sep 13, 2021 6:15 PM
Message:

Following --73.120.xx.xxx




Inherited Tenants (by Landlord ofthe Flies [TX]) Posted on: Sep 13, 2021 7:15 PM
Message:

Your first post said that while your sister and tenant had a verbal agreement about price, the tenant didn't like some other terms of the lease.

So the tenant only agreed with part of the lease verbally. Doesn't work like that. Agree to all or none. Why should tenant only have the right to modify lease?

--108.69.xxx.xxx




Inherited Tenants (by Vee [OH]) Posted on: Sep 13, 2021 7:42 PM
Message:

Get your purse under lock - n - key, advise tenant they must sign and best to have a notary to handle the new written lease, or the judge will allow the tenant to take anything they want. --76.188.xxx.xxx




Inherited Tenants (by Busy [WI]) Posted on: Sep 13, 2021 7:42 PM
Message:

Lots of things to sort out here. First thing, join the local REIA ( Real Estate Investors Association), or landlord group. Maybe even see if you can take an experienced landlord out to lunch, your treat. It seems like you know many of the things you should have done, should be doing, but failed to follow through. There are plenty of hard lessons unless you and your sister have the confidence to organize the business.

I always use month to month periodic tenancies, as I think leases tie the landlord far more than the tenant in my area. I would suggest you do a month to month agreement until you and your sister are on firmer footing. This still means signed paperwork, with expectations spelled out. Being worried that a tenant will trash the place at the start of the relationship does not speak well for your sisterís suitability for this business. Before anyone begins landlording, it would be best to have thought out plans for what to do when those types of thins happen, then follow through. But donít borrow trouble and operate from fear of what a tenant might do.

Given that the lease/tenancy terms, and managing the tenants already seems to have gotten beyond your confidence level, I would think managing a handyman/maíam would also be too much right now. Managing employees is a whole other layer. Contractors, sure. Most of us donít have all the skills and abilities to maintain a house. But, simple things like changing furnace filters, I manage. Gives me a chance to see what is going on in the house. I leave extra filters, and have shown tenants how to change them. But they donít, so I donít rely on them to do so. Things like cleaning gutters, or changing lightbulbs that require a tall ladder, I donít want my tenants attempting. I also do not have a contractor at a property without my being there, unless itís outside only. Even then, I donít for a newer tenant. My houses arenít in such great neighborhoods, so the extra security of having someone who knows the neighbors and is aware helps my contractors feel more secure.

A property management firm might be a good idea, though I have heard it can possibly be just about as difficult to manage the property management firm as tenants and handypersons. But, definitely meet some fellow landlords in your area. Those monthly meetings can help with confidence. --70.92.xxx.xxx




Inherited Tenants (by Allym [NJ]) Posted on: Sep 13, 2021 8:36 PM
Message:

You are doing OK. She will pay the rent and you don't need a handyman to change a filter. Get a heater guy to check the heater for winter and he will show you how to change it. I do them all the time. Usually it's a cardboard piece and it slips into a slot in the heater. --108.24.xx.xx




Inherited Tenants (by Small potatoes [NY]) Posted on: Sep 13, 2021 10:48 PM
Message:

It's not clear if you have a security deposit from this person. Find out how much FL allows you to collect. --172.58.xx.xxx




Inherited Tenants (by Gail K [GA]) Posted on: Sep 13, 2021 11:16 PM
Message:

Who the heck can't change an air filter?

It is my understanding that a tenancy at will situation (i.e., month to month lease) only requires 15 days notice to terminate in Florida should this tenant continue to refuse to do the most routine things in this rental.

Gail --73.108.xxx.xxx




Inherited Tenants (by Colleen [FL]) Posted on: Sep 14, 2021 8:25 AM
Message:

Thank you all!

I am experience although I ONLY have been in smooth operations for 17 years on 2-3 others (knock on wood). My sister has not managed her 2 rentals but she has a PM. I operated in a positive, calmly manner, solutions oriented, strict and reasonable, and compatibility (landlords-tenants). Most of these happen on tenant selection and well thought contract.

We are out of state. My operation concept is having self sufficient tenants on simple items, but not anything that involves climbing except for light bulbs. This property will be for future seasonal rental and also personal use. We would then have a local management. We don't have time now to furnish and do so. However, if it is just me, I will do what is necessary. I donít need to hold on to a tenant, only if things work for both.

Apparently, my sister is already stressed out from her overloaded regular work. She tends to react negatively out of fear. She is nice and pleaser personality. She is the primary owner and only person with this mortgage. I am a backup co-owner with a portion down and can pay when she canít. She started the Agreement while I was occupied. She was rushing and didnít check or have me review and have a mutual agreement. She had much considerations for the tenant as she has a good heart since the tenant is a single lady and self employed. However, I felt the tenant is taking advantage of her and self center.

I feel I need to do a balancing act here while finalize the contract. Perhaps more importantly is the sisters-partners relationship that I do not want to jeopardize. I realized now that I need a consultation on a family business partnering with different personality and concept. A property management would be a solution, but we are short with fund and time at the moment. We definitely will have local services as needed. Also like Busy mentioned, it would add to another layer of work unless we have a compatible PM.

I appreciate for your wisdoms!

--173.79.xx.xx




Inherited Tenants (by Ray-N-Pa [PA]) Posted on: Sep 14, 2021 8:30 AM
Message:

An attorney at closing would have caught no estoppel letter - so the good news is you saved money there. The bad news, you will now need to pony up for one to remove the problem that was created by cutting corners earlier --24.101.xxx.xxx




Inherited Tenants (by Colleen [FL]) Posted on: Sep 14, 2021 8:54 AM
Message:

Estoppel letter was new to me and I didn't know how/who prepare that and its content. I meant to ask but I was occupied ...

Ray, are you saying we need an attorney now to track back OR to be sure the contract is good? I would be okay with that. It is my sister who is stress out due to timeline and that this turns out not smooth. --173.79.xx.xx




Inherited Tenants (by Colleen [FL]) Posted on: Sep 14, 2021 8:58 AM
Message:

What legal risks do we have for having the tenant living while not having an Agreement yet? Is this where a RE attorney would resolve? and then we are at the attorney mercy on his/her timeline? --173.79.xx.xx




Inherited Tenants (by SHAUN [FL]) Posted on: Sep 14, 2021 12:45 PM
Message:

"tenant living while not having an Agreement"

Without a written agreement she would be classified as a Tenant at Will, FL law dictates. FL is Landlord friendly.

If it were me, I would not sign a written agreement with a Tenant I did not vet, and is already being uncooperative.

I would leave her as a "Tenant at Will", therefore month to month.

I state the above from personal experience...

Every time they got behind or didn't follow through, I got the "Miss Virginia didn't do it like that". At which I would reply "My name is Shaun, not Virginia. I own the property, not Virginia."

PS Colleen what area are your properties? I might can turn you on the Legal help, if needed. --173.31.xxx.xxx




Inherited Tenants (by Colleen [FL]) Posted on: Sep 14, 2021 7:01 PM
Message:

Shaun, thank you for the term. Yes, fortunately FL is landlord friendly.

I have another beach TH in St John Co. that is supposed for personal use if I have time to set up. Two others are in MD, where one was our former home and the other was for my mother, but she lives with us now. I am just happened to be a landlord.

--173.79.xx.xx




Inherited Tenants (by SHAUN [FL]) Posted on: Sep 14, 2021 9:40 PM
Message:

Collen,

Sorry, I don't know any attorneys in the ST Augustine area. Nor do I have any acquaintances in that area, that I could contact.

I am located in the Panhandle/Capital, Hillsborough and Sarasoto. --173.31.xxx.xxx




Inherited Tenants (by Colleen [FL]) Posted on: Sep 14, 2021 10:23 PM
Message:

Shaun, the subject issue is in Palm Beach County where my sister and I have just acquired the TH. The one in St John is okay.

A friend just referred a RE Attorney in Jax. I plan to have the Agreement reviewed. Thanks.

--173.79.xx.xx



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