Hey y'all.
My mom died last November at 91 after a brief illness.
I inherited a rental property from her that she has leased out.
I am the executor of her estate and the only heir.
I am in the lease as the "property manager" for the rental.
The current lease expires 7/31/2024.
Current tenant has been in the property since end of July 2019.
Mom initially set the rent about $200 below market and NEVER raised the rent. She always said she would rather get a little less rent and have a long-term tenant than have to find a new tenant every year or so.
Expenses on the rental have gone up about 16% since the current tenant moved in.
He was always very good about paying on time and in full while mom was alive, but now, well, he's not. Since January he has shown up with less that full amount due 5 out of the past 9 months.
There is allowance in the lease for late fee ($100) and also raising the rent during the term to meet expenses (60 days' notice required).
The tenant wants to buy the unit. I have gotten an appraisal and we have agreed on a price. The appraisal I got was far below the "zillow" price but it's whatever at this point.
Original cloing date was supposed to be 8/20, he asked to postpone to 10/20 and offered to raise the price $5k, which I agreed to.
A couple of more things about this guy - the lease specifically says that everyone residing in the unit must be added to the lease. He's had roommates, admitted to that, yet won't give me their information to add them to the lease. Also he continues to do things inside the unit (paint, replace the dishwasher, remove the carpet from the stairs, and I honestly don't know what else) in violation of the lease. I've told him IN WRITING and VERBALLY to stop. I continue to get ignored on this as well.
Here are my questions:
-Should I have re-written the lease when mom died or is it OK that I've let the current lease stand since I'm the executor of mom's estate and now the legal owner of the property?
-He's already missed the closing deadline once. I honestly don't think he's going to meet the upcoming date. (I"ve asked several times for the closing attorney's name and the contact information for the mortgage company he's supposedly going through and am being ignored.) What would you do? Evict and sell on the open market? Raise his rent? (He already is showing me he's having problems making the low rent now so I'm very concerned.)
My mom died last November at 91 after a brief illness.
I inherited a rental property from her that she has leased out.
I am the executor of her estate and the only heir.
I am in the lease as the "property manager" for the rental.
The current lease expires 7/31/2024.
Current tenant has been in the property since end of July 2019.
Mom initially set the rent about $200 below market and NEVER raised the rent. She always said she would rather get a little less rent and have a long-term tenant than have to find a new tenant every year or so.
Expenses on the rental have gone up about 16% since the current tenant moved in.
He was always very good about paying on time and in full while mom was alive, but now, well, he's not. Since January he has shown up with less that full amount due 5 out of the past 9 months.
There is allowance in the lease for late fee ($100) and also raising the rent during the term to meet expenses (60 days' notice required).
The tenant wants to buy the unit. I have gotten an appraisal and we have agreed on a price. The appraisal I got was far below the "zillow" price but it's whatever at this point.
Original cloing date was supposed to be 8/20, he asked to postpone to 10/20 and offered to raise the price $5k, which I agreed to.
A couple of more things about this guy - the lease specifically says that everyone residing in the unit must be added to the lease. He's had roommates, admitted to that, yet won't give me their information to add them to the lease. Also he continues to do things inside the unit (paint, replace the dishwasher, remove the carpet from the stairs, and I honestly don't know what else) in violation of the lease. I've told him IN WRITING and VERBALLY to stop. I continue to get ignored on this as well.
Here are my questions:
-Should I have re-written the lease when mom died or is it OK that I've let the current lease stand since I'm the executor of mom's estate and now the legal owner of the property?
-He's already missed the closing deadline once. I honestly don't think he's going to meet the upcoming date. (I"ve asked several times for the closing attorney's name and the contact information for the mortgage company he's supposedly going through and am being ignored.) What would you do? Evict and sell on the open market? Raise his rent? (He already is showing me he's having problems making the low rent now so I'm very concerned.)