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I am about to purchase a home in a state 2000 miles away. It's a cash purchase. I'd like to live in it next year, but for medical reasons I need to remain in California until then.
There is currently a tenant in the home--she moved in a week before I sent in my offer.
My question is this: how would I go about legally keeping the tenant and making that transition? Also, would it be best to have someone manage the property for a year until I move out there?
The home is in a cold state, and winter is approaching. I'm a bit nervous about that. Any advice would be great. Thanks.
Last edited by maxhammer; 09-22-2011 at 04:34 PM..
We would first have to know if the tenant has a signed executed lease. If not, get one drafted and sent to the tenant asap.
As for using a PMC, first check with the state where the property is located to see if as a out of state landlord, you are required by law to use a PMC.
Unless you want to travel 2,000 miles to deal with issues, a PMC may be the way to go. Make sure you use a professional experienced PMC even if it cost a bit more.
out of state rentals are a pain somebody has gota manage the property manager and prevent them from stealing you blind and letting the property go to the dogs.
with you standing over them here in town walk thrus are poor, with you out of town they are non existant. as to repairs they dont do them or rip you off and do kick backs to local contractors.
If the tenant signed a lease you are, as the new owner, required by law to honor that lease until it expires unless the tenant agrees to a buy out. As there are good tenants and bad tenants there are also good and bad property managers so i wouldn't get overly anxious about the previous poster's gloom and doom denigration of them. As poster PacificFlights noted, it's better to pay a little more for an experienced and reputable PMC and a little research can easily find you the right one. Good luck!
Thanks, STT. The renter is month-to-month. They moved in looking to make an offer on the house (pending loan approval), so I do worry they might be upset if a cash buyer beats them to it and then becomes their landlord. It's a single woman. They do tend to be good renters for the most part. It's a tricky situation, especially for a first time buyer like myself.
No worries then with a month to month tenant because if you don't think you're going to be happy with her for any reason all you have to do is give her 30 days notice (or whatever's required under that state's landlord tenant laws). If you want to keep her, do all the right background, credit and reference checks and get a good lease put together as well as, of course, hiring a good PMC.
No worries then with a month to month tenant because if you don't think you're going to be happy with her for any reason all you have to do is give her 30 days notice (or whatever's required under that state's landlord tenant laws). If you want to keep her, do all the right background, credit and reference checks and get a good lease put together as well as, of course, hiring a good PMC.
That's pretty much exactly what I was thinking. Just get her financial info etc and if she's good keep her, if not let her go.
One more question: in a cold state where utilities can run high in the winter, would you include them in monthly rent (and raise it appropriately) or have the tenant put them in his/her name?
A PM is just like any other business person. Some are good, some not. Do some research and find a good PMC based on reputation. We have been renting our home since we purchased it nearly 2 years ago. It's working out for us and we have no reason to doubt the work that has been done. In fact, the one time an HVAC company was called in, they used the company I had previously hired when we were doing our inspection before purchase. No reason to assume they are all bad - or all good.
The market really is not predicted to pick up this year. I recommend you wait to purchase until you can make the move. You won't regret waiting.
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