Big mess, new to being a landlord. help! : ezLandlordForms

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Nick B

started a topic about 15 years ago

My father had bought a house under my name when I was about 20, and was renting it out to this lady. She was paying 900 a month, fell on hard times, and now is paying 600 a month, apparantly on an oral agreement with my father. The problem is my father just recently passed away and now this house is legally mine. I can not afford to cover half the mortgage like my father did, and now I need to charge her at least 1,000 a month but also want to look for a new renter. How do I go about this? Illinois.

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Anthony F

said about 15 years ago

Nick sounds like you need a new tenet to make your 1000 a month rent. I'm new to this rental property stuff also. GL

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Stan M

said about 15 years ago

Nick...if you and you only owned the house, it appears that your father was acting as your agent. If he was keeping the rental income and filing tax form Sch E..........it may be in your best interest to contact a tax expert and /or lawyer to discuss your situation.

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Nick B

said about 15 years ago

Thanks for the advice Stan. The house has always been under my name thought. Im 99% sure they had an oral agreement though. If thats the case, I am thinking of giving her a 30 day noitce of the rent increase. If they did have a written lease, would I still need to honor it if I have never signed it, and its my name on the house? and always has been?

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Stan M

said about 15 years ago

Nick.....if I understand this correctly, you inherited the house upon you Fathers' passing. If this is true, you also inherited the tenant and must abide by the lease (other than month-to month) until it expires. If it's month-to-month, send a 30-day notice (or what ever works for you), increasing the rent. Check with local rental laws to see if there are any restrictions on the amount you can increase the rent. You also have the options to send them a notice to move. Again, check with State laws. Consider meeting with them first, discuss your situation and try to work out something that both of you can live with. If you plan on selling the property, that's another discussion. Keep us posted.

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Nick B

said about 15 years ago

Stan- I must have not stated it right. I thought my father had put it under both of our names when I was 19, as in he co-signed for me. Apparantly that wasn't the case. I didn't know details of anything becuase he was collecting, and making the payments. Donald- I hope that is the case, because my father was too nice, the tennant had lost her job and could only afford 600 a month for a 3 bedroom home. I need her out to get someone in there to pay double the price. I just need to find out the right way to do it.

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Stan M

said about 15 years ago

Hi Nick, Was your Father part owner? You stated that father purchased house under YOUR name and you also stated that it is now LEGALLY yours. Not sure I understand. If he purchased it under your name, it was and still is legally yours.

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LaTasha G

said about 15 years ago

As a new Landlord, you may want to also go to your local court to obtain a Landlord/Tenant Guide so that you become familiar with the local laws about security deposits, rent increases, required notice to tenants, etc. As the previous post said, you definitely want to check with a local attorney about this special situation. Good luck!

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Donald G

said about 15 years ago

You have to check with a attorney , but I believe the death of your farher and with his death the tenancy ends , you have to check with tenant laws in your state.