Checking Out Your Tenants/props?
I have a question. What do you landlords do as far as checking up on the interior of the property? Are you allowed to go in there say.. once a month and make sure it's not torn up? Also I'm buying a house for myself... but until Sept. 1st it will still be rented out to the current tenants because the previous landlord wouldn't give them their 30 day eviction notice until my mortgage was approved. In one week I will be using their yard(it's a double lot with one house) to park cars during the iowa state fair($4,000 income). The previous landlord did it, but I am just wondering if that is legal to basically "take over" their lot for 10 days to park cars. I planned on giving them a very small amount.. $100 or $200 for their inconvieniences. Also... I have just purchased my first house for $69,000. I make only around $2000/mo, have NO credit(just turned 18). I have four verifiable sources of good credit(signatures). I was wondering how hard or how long it would take for the bank to let me buy another property for rental(about $50,000). I'd prefer rehab, but my funds are low so I wouldn't have the cash for that.
Thanks,
Chase Gochnauer
Up-and-coming REI.
What does the language of your lease say about your rights to inspect the property and how often? What notification do you have to give the tenant?
In order to keep our rental properties in good condition, I inform them at the time of signing the lease, that every 6 months, I prefer to have the carpets cleaned. Work out a time with your tenants, and either clean the carpets yourself, or have someone else do them. If you do it yourself, you can "check up" on the inside of the home. It's worth the carpet cleaning cost - and yet shows to your tenants - you care and want to keep everything clean and running properly.
The lease was made up by the previous landlord. I have not seen it. Good idea on the carpet cleaning, thanks.
Quote:
On 2003-08-02 22:44, DaveT wrote:
What does the language of your lease say about your rights to inspect the property and how often? What notification do you have to give the tenant?
If you purchase this property, you have to honor the previous lease.
The tenants have a right to quiet enjoyment and a reasonable expectation of privacy. You can't just drop in whenever you feel like it.
Ruman,
If YOU think there may be a problem Re: inspections...
...have them pay YOU, person to person, when YOU come around once a month...
...if they don't ask YOU in ....YOU MIGHT HAVE A PROBLEM.
FromExperience!
....as always,
GoodInvesting, Rocky
We check on tenant properties once a month to make sure that they are being kept in good shape. This provision is included in the lease, although we have to provide 48 hour notice before gaining entry.
As for the parking lot idea, I would assume that your tenants have a leasehold estate to use that land. As such, you would effectively have to lease it back from them in order to do your parking lot. In order to protect yourself, you should draft up a lease and have all of the tenants agree to and sign for the fee that you will be paying back to them. Otherwise, you run the risk of violating your own lease and trespassing.