Rental property. Short notice vacating.

[Ryan]

This is my first and only rental property. Just got notice 22 Jan that my tenants will be vacating by the end of the month. Does this seam reasonable? Guess I need to go over the lease before a new tenant moves in. But is this a normal time frame ...... yes his lease is up at the end of the month. Also any advice what should be included in a lease? ... any gòod advice? I have a property manager and I live out of the country. I'm sure it's a bare standard lease.
TIA

 

[rmar]

If his lease is up and he hasn't signed a new one. Let them go. It customary for a 30 day written notice. But consider yourself lucky if they honoured the lease in full. Imho
Once the lease agreement is up it's usually considered month to month unless a new lease is signed.

 

[Ryan]

They have been good tenants. Not arguing with anyone. This is my first vacancy. Property is in Hawaii. I can't afford to live in my own house anymore. A month paying the mortgage without a renter can be devastating. I am on a fixed income. Mortgage is twice my retirement. So naturally I'm worried.

 

[rmar]

Get ahold of your manager to get a body in there.....no bank is going to come after you If you are a month behind. If you've had it a while most will even help if you let them know.

 

[GNRick]

If you can't afford to go 3 or 4 months with no tenants then just sell the damn thing. You didn't work all those years to have these worries in retirement.

 

[TURBOPOWERED68]

1- Credit check
2- Background check.
3- Double check references

 

[regan j]

Rental property equals problems Sell Sell Sell

 

[S10xGN]

Watch "Pacific Heights" a few times...

 

[Sinister CO]

30 days written notice is pretty standard or they're on the hook for a penalty, usually another months rent. Assuming you got a deposit from them, you can take it out of their deposit. Hopefully there aren't too many damages to deal with as well.

Sent from my SPH-L720 using Tapatalk

 

[earlbrown]

You need to dump that house. If the carrying cost is twice your income, it's a time bomb waiting to take you out. (even worse that you're having to pay a property manager a percentage of the rent).

Granted the depreciation from the house is great for offsetting wage earnings come tax time, but it sounds like this house is too big for your current situation.

With any luck capitol gains will drop for 2018 and you won't get hammered too bad. Or, better yet, take the money from the HI house and reinvest it into local rental houses that way you can avoid taxes and manage them yourself.