Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

16
Posts
5
Votes
Hong Y.
  • New to Real Estate
  • NYC & Philadelphia
5
Votes |
16
Posts

What to do if Restaurant Tenant wants to terminate a Lease Early?

Hong Y.
  • New to Real Estate
  • NYC & Philadelphia
Posted

The restaurant owner of my New Jersey commercial space is looking to terminate his lease early since business isn't doing well and isn't able to find someone to purchase his business. There is currently no exit clause for the tenant and I have 3 months of security deposit.

Also, I'm slightly on the fence on what to do with the restaurant equipment. Not sure if the owner is deciding to sell it or leave it.

Any suggestions on a course of action that would be most suitable in today's time?

Most Popular Reply

User Stats

4
Posts
2
Votes
Nathan Taylor
  • Rental Property Investor
  • Kohler, WI
2
Votes |
4
Posts
Nathan Taylor
  • Rental Property Investor
  • Kohler, WI
Replied

I would offer to let them out of the lease if you have another tenant lined up. Tell them once a new tenant signs a lease you will end their current one. See if they will help you get the space rented since it would be in their best interest to do so. I rent to a lot of small/new businesses so I get a personal guarantee to encourage them to make every effort to work with me on the process. It's not perfect, but it helps.

Loading replies...