Showings Rental With Tenant In It.
This question is similar to my earlier question but now with respect to showing a rental unit. I have a tenant who has given notice, but does not want to allow viewings and access. The tenant is concerned about safety.
I am never one to suggest that anyone be put at risk, but I do need to show the property in order to rent it. The lease allows for 30 day notice before vacating. Can i exchange no showings for an extra months rent after the tenant leaves? That would give me 30 days to market and find a new tenant after the property is vacated by the current tenant.
Also, there is just the idea of whether it is even a good idea to show property with a tenant in it. Some think it is the worst thing because the property will not be presented in the best light especially since the tenants have no incentive to keep it looking good. Some think it is good because the property is relatively staged and not just blank and vacant.
Thoughts?
JS.
Here is an excerpt of the language in my leases.
INSPECTION OR EMERGENCY ENTRY TO PREMISES. Landlord/Agent may enter the Premises during reasonable hours upon notice to Tenant to examine, the Premises, to make necessary repairs, and to protect the Premises from damage. Landlord/Agent, without prior notice to Tenant, shall have the right at all times to enter the Premises in emergency circumstances to life, limb, the Premises or property.
This section goes on with language about showing within 60 days prior to lease expiration and what times of day are reasonable hours.
Our practice is to give at least 24 hours notice, but the tenant is never required to be present when we do our inspections. When we arrive at the property, we ring the bell and knock on the door. If no one answers, we use our key to open the door, but still announce ourselves upon entering just in case someone is really home.
Here is an excerpt of the language in my leases.
INSPECTION OR EMERGENCY ENTRY TO PREMISES. Landlord/Agent may enter the Premises during reasonable hours upon notice to Tenant to examine, the Premises, to make necessary repairs, and to protect the Premises from damage. Landlord/Agent, without prior notice to Tenant, shall have the right at all times to enter the Premises in emergency circumstances to life, limb, the Premises or property.
This section goes on with language about showing within 60 days prior to lease expiration and what times of day are reasonable hours.
Our practice is to give at least 24 hours notice, but the tenant is never required to be present when we do our inspections. When we arrive at the property, we ring the bell and knock on the door. If no one answers, we use our key to open the door, but still announce ourselves upon entering just in case someone is really home.
We give notice, we do not ask permission.
My property managers give notice in writing at least 24 hours in advance. On inspection day, they just show up. If the tenant is not home, they use their key to enter and do the inspection.
My lease also has inspection and emergency entry provisions.
How much are you spending and how well do you knwo the people who you are working with on the deal and after?
Who is paying the Appraiser and the Property Inspector? You... or the Seller?
[addsig]
The lender is paying for the appraiser, but I am paying for the property inspector.
If you live in San Fran., there are many places for sale within 60 miles that can be purchased and rented in this market for decent returns and you can do more due dilligence then a place far away. Have you looked in the east bay?
I noticed you say you are in Georgia. Does that mean you were from there and therefore you have good contacts in Georgia that will work for you?
If not, here are a few examples of what can happen:
1. Buy property, put tenant in, management in place, all going fine...rent stops, diserted, trashed, costs $$$ to bring back to status. Are you ready for the costs and connections needed to hire contractors to fix?
2. New management takes long to find tenant,,, excuses of why market is soft for rentals, you are draining your resources. Do you have contacts to see if the management has conflict of interest? Whoops, did you know they have more clients than they can handle.
3. Same scenarios except now your property seems to also have problem after problem costing you surprising repairs each month. Who can you trust to make sure these are needed repairs that are eating your rent away each month? You suspect your managememt company has a conflict of interest (they need to pay their handyman) but how do you know?
These issues come up all of the time. I have had my share in the last few years since I bought too far away and got tired of long drives to solve. You will be surprised how few people like to look out for the landlord. There are plenty of good people out there, for sure. But they still like to feel a connection to you sooner or later. And too much trust challenges even the best of us.
Just my experience...
So maybe you are buying there because that is either where you plan/hope to be someday and/or that is close to your roots. That does give it more purpose. And hopefully your parents are not too far away, so they can be some support. That can help!!
Good luck! It can be done and is worth it IF there are reasons for the long distance ownership.
I have bought, rehabbed, held for rental use, and eventually sold property I have never seen.
I do that only in one specific area of the country where I lived 20 years ago. I know the neighborhoods very well. I have a property manager, real estate broker, and a maintenance contractor I have worked with for the past 20 years and have complete trust and confidence in them.
Unless you have good people on your team who can keep you from making a mistake, buying sight unseen can be disasterous.
Do you have any examples of what sorts of disastrous things can happen?