I`m taking possesion of my first multifamily home on Friday!!!
I was wondering some different options for doing renos while there is tenants present. I will be cleaning house in 90 days, but all four units need complete renovation. The bank has given me 120 days to do the renos so I need to start doing work while they are still there.
Has anyone used the option of asking the tenant to leave early with an insentive? Like a few bucks for every month they leave early. If so could you give me a hand.
Is there anyone out there that needs very mediocor tenants?
Cory, congratulations on your first multi! I think if you answer the questions below the appropriately located expert members will be better able to assist you:
1) What Province is the property located in?
2) Are the Tenants on leases or are the tenancies month-to-month?
3) You write "I will be cleaning house in 90 days". Have the tenants been given Notices to vacate already?
You may want to re think the reno with tennant still there. Garth asks some good questions. You may not legally be able to do the repairs. And if your giving them the heav hoe they may cause you real problems. ie: safety, health, theft, additional damage. If your in Ontario, homes built before 1986 are suspect for asbestos in the drywall compound & as a landlord you must follow Ontario Reg. 278/05 with respects abatement.
QUOTE (GarthChapman @ Aug 14 2008, 08:35 AM) Cory, congratulations on your first multi! I think if you answer the questions below the appropriately located expert members will be better able to assist you:
1) What Province is the property located in?
2) Are the Tenants on leases or are the tenancies month-to-month?
3) You write "I will be cleaning house in 90 days". Have the tenants been given Notices to vacate already?
Thanks Garth
[list type=decimal][*]The property is in Calgary.[*]Yes the tenants are month to month.I take possession today so will be giving them notice this coming week. I would like to find a way to break it to them gently and maybe with a positive attacted. (If you leave early and clean up I will give you a parting gift.)[/list type=decimal]With month to month tenants do you have to give them 90 days notice?
I have to move into one of the suites, a friend suggested seeing if I could legally give one of the tenants 30 days notice so I could get in, is this true?
I would love to put off the renos on the inside till after the tenants vacate; but with the banks 120 condition for renovations I don`t know if I could get all four cleaned up in 30 day. Also having a complete lose of rental income could be an issue.
If you ever have questions about anything pertaining to the Alberta tenancy act, the link below is a good resource, however it`s a little dry (as you can see). It`s my understanding that these legalities will supercede other agreements made, however perhaps you can figure out a mutual agreement that is for the benefit of both of you. Good luck!
QUOTE (CoryHelm @ Aug 15 2008, 08:00 AM) Thanks Garth
[list type=decimal][*]The property is in Calgary.[*]Yes the tenants are month to month.I take possession today so will be giving them notice this coming week. I would like to find a way to break it to them gently and maybe with a positive attacted. (If you leave early and clean up I will give you a parting gift.)[/list type=decimal]With month to month tenants do you have to give them 90 days notice?
I have to move into one of the suites, a friend suggested seeing if I could legally give one of the tenants 30 days notice so I could get in, is this true?
I would love to put off the renos on the inside till after the tenants vacate; but with the banks 120 condition for renovations I don`t know if I could get all four cleaned up in 30 day. Also having a complete lose of rental income could be an issue.
yes, 90 days notice should suffice for reno .. unless you plan a condo conversion then one year is required !
I assume you have enough cash to do reno`s and have no income for 2-3 months ?
I will be nice enough to give them all to you.
