Let’s Talk Real Estate Investing with Sharon Vornholt
Business:Investing
I have another reader question for you today, and it’s a good one, and it has to do with what happens when someone passes away in your rental property.
The exact question was:
When a tenant passes away in your rental property, and they have a month-to-month lease with no one else on the lease, how long do you give the family to clean out the house? He was there for 15 years and had a lot of stuff. She also goes on to say they inherited the tenant when they bought the house. What a great question.
So, let’s break this down into bite-sized pieces because there are actually a lot of pieces, and some of them are legal issues to address.
[00:01 - 04:19] Opening Segment
• How to navigate probate laws when a tenant passes away in your rental property
• Work with the executor, personal representative, probate attorney, or court to ensure legal compliance
[04:20 - 08:33] Understanding the Process of Handling a Tenant's Estate After Death
• Secure the property as soon as you know that someone has passed away
• Do not allow anyone into the property until you have paperwork that declares the decision maker
• Lease extends to the expiration date, even if the tenant passes away
[08:34 - 11:09] Closing Segment
• Long-term lease requires payment until expiration by the estate
• Any unused portion must be returned to the executor
Resources Mentioned:
Blog: Louisville Gal's Real Estate Blog
Podcast: Let's Talk Real Estate Investing Podcast
FREEBIE: Probate Investing Starter Kit
Probate Course: Probate Investing Simplified Course
Key Quote:
“As a landlord, your number one priority will always be to regain control of the property as soon as possible.” - Sharon Vornholt
WANT TO LEARN MORE?
Connect with me through my website, Instagram, and LinkedIn.
Or you can send me an email at sharon@sharonvornholt.com
Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified.
Learn more about this podcast on iTunes or Stitcher.
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