What to Do When Your Tenant Gives You Notice to Vacate

The tenant will give you written notice if he wants to vacate.  When you receive the notice the first thing you have to do is withdraw the lease. Review the contract keenly. There will be some important points you need to keenly observe when you receive the notice from tenant to vacate.

Time Duration of Written Notice.

The time duration of the notice may vary in every state. In some states common requirement of the time duration is 20 to 30 days prior notice before ending up the rental agreement or vacating the apartment. Before getting into rental contract you need to check up what rules applies in your state regarding prior notice of vacating the apartment. The notice period is to be mentioned in rental contract. If we talk about the State of Washington 20 days prior notice before ending up the rental contract is required to be given by tenant to landlord.

The 20 days prior written notice should be given at the start of the month in which the contract likely to be end.So, if your tenant gives you written notice at the 2nd of the month in which the contract is going to be end that is the best thing. But in case he gives you written notice at 24th of the month and he plan to move 31st of the following month then the tenant is responsible for paying rent through the fulfillment of the lease.


In this case when the tenant does not give you a sufficient notice of vacating the apartment. Two options for them are:

  1. You can stay here for one more month.
  2. They have to pay obligations and they can move according to their plan.

By choosing option 2 they have to pay rent but in case we find new tenant then they will receive a prorated refund on rent from the day the new tenant moves in.

Expiry of lease.

Find out the expiry date of lease. It is very important in order to check whether they are breaking the lease or not. Means they are moving in the middle of the lease or not. If yes, they are breaking the lease then let them know what the obligations they have to pay for it.

There is a one exception of the notice is: if the tenant is military person then he is allowed to break the rental lease. Just because they may get any reassignment or deployment order any time. It is a tiny price for us to pay for those serving in our Military.

Their Deposit Money.

It is important to know how much your vacating tenant’s deposit is. So, you can be prepared to personally cover any overages. Of course, your tenant is still responsible for all charges associated with returning their apartment to rent-ready condition. Let me be honest, it will be a while before that your tenant pays for any overages above and beyond their deposit money.

Utilizing the Deposit as Final Month’s Rent.

Many of the tenants want their deposit should be used as last and final month’s rent. Do not let it happen. It is totally understandable that they want to use their deposit money as last month’s rent as saving up for their new place. But this is not good for you. Make sure your lease agreement should have the clause that clearly mention that the deposit amount could not be use as last month’s rent.

The deposit amount that held by landlord is to encourage positive behavior of the tenant. In case they want to move out without leaving your home in its original condition then you can utilize the deposit amount for paying off the cleaning bills, for fixing the damages, or may be something worst then this. Even if they do not pay the last month rent then you can use that deposit amount. So, always remember do not use deposit amount at any time as rent.

 

 

5 Reasons why I am Not Worried About the New Real Estate Market Correction

New real estate market correction happening now. So, the wise thing is to get aware of the change happening in the market. It is important to be alert from any blizzard that can happen to the real estate market. Put your all efforts it be ahead of every curve of the change in the real estate market.

Everyone still remembers the huge crisis of 2008.Nobody wants to face it gain. Manhattan property market has been in correction for a year. Some of the people think they spreading the news of correction because of the 2008 crisis.


You should know how to reduce risk if you are facing correction experience.

5 reasons you should not worry about market correction. I am sharing with you my tactics.

  • I buy on cash flow.
    I talk about myself. The real estate investing model of mine is to obtain income properties. I am not depending on flipping or gambling regarding appreciation. This situation seems especially dangerous right away. The numbers should work up front. I have to be able to hold it all. Recently, I moved up tonew multifamily apartments and it is even more flexible during tougher economic times.
  • I always pay attention on growth markets
    There are the markets that are growing like they have sufficient rooms for growth. But also, there are some markets that have peaked or have surpassed their recent peaks. Always remember do not invest in the unpleasant neighborhood like where the crime rate is high. Check out the place before investing. It may seem like low investing is good for income but it may give you worst results at the end. So always pay attention to the market where the possibility of the growth is high and you may able to get high return on investment.
  • I am selective in picking up the property.
    ATTOM Data analysis shows that over 30% of houses flipped in the first half of 2018. That were bought as distraint properties. It shows that most of the investors are picking up full-priced properties of the MLS. They are speculating on appreciation to sell them. You have to be more selective about picking up the property. I probably look at 185 to 220 properties before selecting to work on. Do the same.
  • I stick to the units of the apartment.
    The numbers do work. It is still hard not to fall in love with property business, but you cannot afford to do that. It is because you are not going to live there then what to do. So, the more profitable thing to do in buying is to buy on numbers.I do the same and advises people that 110-units apartment could be the best deal for you. Buy with the units of apartment.If you want to do property investment you can persuade to stretch numbers and sell the property.
  • I focus on services and management.
    Always focus on management first. When you are doing property business pay keen attention to management and its services. The thing you should do is to make apartments and communities. In case the rent drops you have an upper hand. In the community the rent is getting lower and you are providing them good services of that apartments then the low rent case does not apply on you. As the tenants will see the services you are providing them they will pay you a good amount.

Summary.

Housing correction may come at any time and it can be very deep. You need to be smart and make some adjustments to low down the risks. Follow these above-mentionedsteps and you will no need to worry about market correction.