Subscribe to RSS

Terminating a Lease Early

The holiday’s have kept me away from posting much.  John Gall shot over this question the other day and I want to respond with an answer:

I have technically three tenants in a SFH [single family house]. Two singles and one married couple. The lease goes until 5/31 and the tenants can’t stand to live together anymore. The two singles want to move out 4/1 and I’m guessing the married couple will also if given the chance. The set of tenants are mixed. Good on taking care of the property but mixed on rent collection paying late most months but always up to date by months end. I’d actually like to get rid of them and get a new tenant in place.

My strategy is to have them sign an early least termination agreement contingent upon my obtaining a new tenant for 4/1 with a signed lease. If I cannot secure a new tenant for a 4/1 move in and their stuff is not out then the original 5/31 lease date stands. My hope is to 1: get rid of the deadbeats and make them happy. 2: They now have an incentive to make things show worthy and make the property available to prospective tenants.

John, I think you are headed down the right path.  I am have zero patience or time for playing mother to bad tenants. I would prefer to just let them go and find someone else.

The positive is that they gave you plenty of notice to figure out a solution and re-rent the property.  I would remind them to keep the place clean and picked up as to help you rent it out by 4/1 (which also is to their benefit to get out early).  Most tenants will be fine with this.  If the property needs any upgrades, you may want to tackle these now (again using your leverage to get them out early to do it).

Unfortunately, I think you are going to have to pick a move out date now.  I would be concerned that if you found a tenant on 3/15, would the existing tenants then have enough time to find something and move out by 4/1?  If one or more of them couldn’t find a place to live, it could get dicey as the new tenant needs to move in and the remaining one(s) now need to be evicted as a hold-over tenant.  This could lead to some sleepless nights and could take 1-2 weeks to resolve.

My other option would be to talk to the married couple seperately (I assume they like living together!).  See if they want to stay and would start a new lease.  I assume since the had roommates, they can’t afford the extra rent, but it is worth a try.  Also, if you have any other vacant units, move one or more tenants over to that one.

I suspect that if you start advertising your rental now, especially in Craig’s list, you will have no trouble getting it filled by 4/1.  Good luck!

0 comments

Add your comment

Nickname:
E-mail:
Website:
Comment:
Anti-Spam:

Other articlesgo to homepage

Market Rents are Up, Vacancies Down Again!

Market Rents are Up, Vacancies Down Again!(1)

If you were a landlord and lived through the mid-2000′s, you saw market rents fall as many better tenants were buying houses and vacancy rates were climbing. I had to make major upgrades to many of my rental units AND take 10-20% drops in monthly rental amounts to get or keep some places rented. This [...]

LL Tip: The Landlord Trap, Do not get caught in it.

LL Tip: The Landlord Trap, Do not get caught in it.(0)

Our guest blogger is Eric Drenckhahn, edrenckh@gmail.com, 651-283-7651.
This is a rental situation that is run across many more times than you think.  If you think it is your tenant scenario, it may be, but it happens so often it isn’t funny.
So you have found a tenant.  They are solid people, from a criminal standpoint.  Not [...]

Advance Rent Payments:  Collecting the “First and Last” Month’s Rent

Advance Rent Payments: Collecting the “First and Last” Month’s Rent(1)

Matt Engel is our guest writer for today.  Matt is an attorney and a Minnesota Real Estate Show radio partner.
Q: “I have a new tenant who will pay the first and last months rent in advance due to bad credit.  If they are late on a month can you still evict or do you wait [...]

Staging to Rent

Staging to Rent(0)

I wrote at the beginning of the month about an apartment in NE Minneapolis that I am showing.  I have had many calls and probably 10 different groups through this 3 bedroom apartment.  The bedrooms are large, but the living area (kitchen and family room) are very small.  Most of the previous tenants that lived [...]

Showing Apartments

Showing Apartments(0)

I am in the middle of showing a duplex that I have in NE Minneapolis.  It has hardwood floors, 3 bedrooms and because it is kinda small, I am asking $850.  It is available immediately (if you know anyone, send them my way!).  I have had several interesting experiences in this round of advertising and showing [...]

read more

Contacts and information

  • 612-281-5419
  • Scott Ficek

Copyright, Scott Ficek-2011

Re/Max Advantage Plus
MN Real Estate Team
17850 Kenwood Trail
Lakeville, Mn 55044
952-898-5800

Social networks

Most popular categories

© 2011 Gadgetine Wordpress theme by orange-themes.com All rights reserved.