General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 3 months ago,
Lease Agreement for Construction with Tenants
Hello BP Community!
I’m planning to begin the construction of two units on my single family rental property that currently houses a tenant that’s been there for the last 6 years.
The two additional units will be detached from the existing structure so there will be no interruptions from that standpoint.
I have agreed to a temporary rent reduction at the tenant's request to compensate for the inconvenience and loss of the backyard during construction. The tenant isn't "happy" about the construction but understands that it's my property to do as I wish.
Has anyone had experience with performing construction on a property that a tenant resides in? Any advice or pitfalls that I should prepare for or protect myself from? I’ve included a draft of the updated lease agreement and if anyone has any feedback on it. Hopefully you can see the screenshots attached to this post. Thanks!