Have you ever had a tenant pass away on you?
First of all, I’m not a really big fan of the word tenant. It kind of has an inferior connotation to it (for example, landlord vs. tenant). Owners of property sometimes think that they’re better than renters. I have been a tenant where that’s been the case, so I prefer the word resident.
Over the last twenty-five years or so, I’ve had several residents pass away on me.
One was a single mom with two adult sons, who had all lived in my rental for about eight years. Actually it didn’t end very well (eviction) after the remaining residents realized that they had no one left to mooch off of and were now responsible for paying the rent. All adults in any of my properties are required to be included in the lease.
Another situation was pretty sad where two, long time senior citizens, an elderly grandmother in her 90’s, and her divorced daughter, in her late 60s, lived together, when the older lady suddenly passed away. She had been an ideal resident of mine for over 10 years. You could eat off of her floors. But this was a case where the grandmother had most of the money, and the daughter was failing health, and she was forced to move in with her children.
As you can see, renting to seniors has advantages and disadvantages. My one friend avoids them – He’s afraid of them dying on him, or they won’t be able to afford any rent increases. My other buddy loves and prefers them, because he says they tend to stay longer with fewer headaches and <a target=_blank title="16 Big …read more