mildred

Howdy.

I learned through trying to keep up with my current events that the apartment building I live in is being sold.

I learned it here...

Mid-America sees earnings rise in Q3 - Memphis Business Journal:

I have a few questions, because no one under the employ of the company I pay rent to will answer them. And I sent a formal e mail to try and learn of this stuff too, btw. My questions to all you parents are going to be much more informal.

What is the worse case scenario when the apartment complex you live in is sold?

What is the best case scenario when the apartment complex you live in is sold?

If you have already decided to not re new your lease, then are you placed on the honor system with a thing or two? Whose lease would be followed? The new owners or the old owners?

I looked some things up and learned that the price per building is very low. These apartments are marketed as being $41,000.00 a piece and that is low even by Southern standards.

My last question is what time of year is fourth quarter? The article says that the sale and what have you will be by the fourth quarter and I truly do not know what time of year that is.

I thank you all for any help you offer with all my heart.

somemom

4th quarter is Oct-Nov-Dec

In my experience, usually a building would be sold subject to the lease you have already signed. So, you would expect things to continue as is.

The other question is whether there is some reason the purchaser wants every one out for a remodel, new more expensive leases, etc. In that case, they might try to get every one out.

If the buyer wants the cash flow of a leased building he will want every one to stay in the apartments and pay rent

Lergnom

Your lease is a legal contract. It continues. If the lease runs out, then what happens is that you live in a periodic tenancy. The usual way that works is that by law the tenancy is the regular period of rent, which then is usually a month. A periodic tenancy requires notice of more than a month - more than a rent period - to terminate, but it can be terminated by either side with notice. This means that they can't kick you out by telling you on the 15th that you have to leave on the 1st; they likely need to give you a complete rental period's notice. It also means you're not supposed to leave on a few days notice or no notice, but that you're supposed to give the same kind of notice.

The rent can be raised with the same kind of notice, so you don't have the certainty that your rent will be the same for a year.

That's about it.

The worst case is likely that the building would be converted into condos and thus emptied of renters or prepared for rehab and emptied first. The second worst case is that they want you to stay while they make a ton of noise doing work. The best case is that they put some money in and be better landlords.

mildred

My lease says that one must give "at least sixty days written notice" that I am not to renew the lease. So, I understand that rule and stuff.

I haven't any reason to renew my lease, because these apartments are getting kinda gross because there was a tornado in June which blew out power for quite a couple of days and things were just really gross after that. It was weird because no one, like an insurance claims adjuster, came out to see if the buildings would still be properly inhabitable or anything. I am a rather neat person, but still. So, that is when I personally decided to just not renew my lease.

I thank you all for answering my questions and everything, because I truly hadn't anyone else to ask.

So, the best case is that things would just be cool.

And, the worse case(s) are what worries me, not soo much with anyone doing construction while people are living here, but the other thing. The other thing being about what one would do if the apartments are just shut down. How does that work? Like, you are just given the boot? Are you given any warning?

Also, where I live (Memphis, TN) a lot of apartments are turned Section Eight. Sad to say. How would a sale which results in Section Eight (full on welfare housing) work with regards to the current tenants being notified of that kind of change? I moved to Memphis solely to attend a private university here and am not from this area of TN. at all. I learned through trying to keep up with my current events that Memphis had the same Mayor for over 18 years and he had all the welfare housing torn down and that has resulted in a lot of rentals being turned Section Eight. In Memphis there is sadly a direct correlation between that kinda stuff and crime.

I work and all and even do some tutoring on top of that. But, I feel bad for the families who live here, because they would have to pull their kids out of school or something if a bad thing happens with these apartments.

True thanks in advance.

TheresaCPA

Keep your canceled checks. Do not pay cash. even if you get a receipt. mail your 60 day notice my regular mail and by certified return reciept at the same time. Both ways. The fourth quarter is now until new years eve. Distressed properties are everywhere. Your building could be lacking money on the part of the owners of the apartment building.

You have the good sense to move and I think you are right.

momofthreeboys

4th quarter is typically Oct - December but not always so check the company website to double check that. For instance my last company 4th quarter was July-September.

mildred

I thank you guys for answering my questions.

I know for sure that the apartment complex is owned outright by Mid America Apartment Communities and I really have no idea why they have let this particular complex run to rot, really. It is in a safe zip code right on the precipice of a nice city near a lot of nice reputable public schools and parks for the children and stuff.

I know for sure that I can start looking for a new apartment in January and as long as I give 60 days notice I am alright. I was going to do e mail, but I will now do certified letter like how TheresaCPA says. Hopefully things will work out. I hope time is on my side, because this complex has 400 units. I do not want to be one of 400 people looking for new living quarters in a worse case scenario situation at all.

Sorry to say, but I still have not been able to figure out when the 4th fiscal quarter is in TN at all.

I reckon I will be alright. I am worried about my downstairs neighbor and her husband, their toddler aged child is very ill with cancer and if a worse case scenario happens, then I do not know what they would do. The leasing offices here just plainly do not communicate with the tenants period.

Thank you all for your information.

mildred

I am sorry for bumping this up but I just have to.

There is one more potential scenario I would like to learn more about.

What if these apartments are shut down and everyone has "X" amount of days or weeks to move? How is one notified of something like that?

I am sorry for bothering anyone, but I have actually liked living off campus more towards the suburbs but there is something to this apartment complex and the business which owns and runs it which is fishy to me. So, I am trying to try and learn of things from all angles in order to be on the safe side and stuff.