The Landlord Protection Agency  
Main Menu, Landlord Protection Agency homepage Membership With The Landlord Protection Agency Free Landlord Services Member Services  

Old tenant, new owner - Landlord Forum thread 359349








Free Landlord Newsletter





Free
Pre-screening
Prospect Card





FREE BONUS Forms Disk for
2 -5 year LPA Members




Excuses!

Old tenant, new owner by Aleta on May 29, 2019 @21:33

                              
I recently bought a 3 family tenant property in Mass. One of the tenants has been living in this house for 8 years. “last months rent” 8 years ago was $775 although her current rent is $925. Should we have her make up the difference now? Another thing, she paid $200 as a security deposit 8 years ago. Is there anything I can do to protect myself at this point?
[ Reply ] [ Return to forum ]

Re: Old tenant, new owner by Garry on May 30, 2019 @00:02 [ Reply ]
Any idea why the deposit was only $200 back 8 years ago? Was the person a close family member or friend of the former owner, and they got a special deal on the deposit? No matter. Unless your state allows for you to request more for a deposit in later years of a tenancy, you are probably stuck with the $200 as their total deposit.

As for the LMR only being $775, compared to the current rent of $925, my suggestion is "don't rock the boat". You have a long-term tenant here, and unless she is causing other problems that you need to address, don't mess with your T. When she decides to give you a written notice of moving out, remind her in writing that the amount she put down for LMR years ago does not cover the current amount of rent, and that you will need to give her a 3 day notice to pay the remaining amount, or quit. Asking her now to come up with over $850, in addition to her monthly rent and other bills, could make her decide to move.

What you should have done, was bring these things up to the person you bought the 3-plex from, before you closed. You might have been able to get a small concession from the seller, to cover what you currently don't have from the tenant.
Re: Old tenant, new owner by James77 on June 4, 2019 @22:26 [ Reply ]
I am a LL down in Rhode Island.

Having "inherited" previous tenants, I actually think they can be great. The house I purchased had tenants that carried over from both the previous landlord, and the LL before that.

Losing a great paying tenant for the sake of a couple hundred bucks may prove to be a bigger loss over the mid-term. Cleaning, remodeling, advertising a place could quickly prove to be of larger cost than hiking their rent only to have them leave.

Searching online, this comes up. It is on page 6 of the PDF, under 5.

"If your rent increases after you move in, your
landlord may not increase your security deposit.
Your security deposit is limited to the amount of
your very first month's rent.6
But if the rent goes up and you agree to pay the
higher rent, your landlord can ask you to pay
more for the last month’s rent. So, your last
month’s rent equals the new higher rent. "

You cannot increase security. I am not sure about last months rent. But again, I would be hesitant to nickel and dime a long term tenant.

Protecting yourself now...part of this venture requires a bit of risk. From my experience, I would not go too harsh on old tenants. They have proved to be some of the most reliable and forgiving that i have had.


Check-Out
Log in

Look-up
Associations
Attorneys
Businesses
Rentals Available
Rentals Wanted
Realty Brokers
Landlord Articles
Tips & Advice
Tenant Histories

Other Areas
Q&A Forum
Free Forms
Essential Forms
Landlord Tenant Law
Join Now
Credit Reports
About Us
Site Help



Contact The LPA

© 2000-2019 The Landlord Protection Agency, Inc.

If you enjoy The LPA, Please
like us on Facebook The LPA on Facebook
Follow us on Twitter The LPA on Twitter
+1 us on Google