Tenant Just asked if i could give another month!

[Tim Barry]

Hey All,

First time poster here from SE Michigan, however i have been learning from BP daily for well over a year!

I purchased a SFR at the end of last year with a newer tenant already in place. They have paid every month although a couple of them have been late with late fee paid.

There lease is up end of the month and they advised they would be moving because the one got a new job pretty far away. I was fine with this and have several small things i would like to get in and do to the place before getting a new tenant to make everything just right to my standards.

I just got a call from him asking if there is a way to maybe give them another month because they have not found anything yet. The lease is up in just over a week!

I am just looking for some ideas on what i should do for the lease.

1) Is it just an extension or should i make up a whole new lease being the current lease is from the previous owner? Month to month?

2) I was alright with the idea that it might be vacant for a month while i updated some things, but it seems like if they leave end of October that Nov. and Dec. would be the worst months to try and rent.

3) Is it standard to increase rent, and whats % would be fair?

I think the first thing i am going to try is to see if they want to extend for several months so then i have a chance at finding someone in the spring which should be a bit easier. Would i want to do a month-to-month or just a set lease for say 5 months?

I know i could probably find some more info on here about this, but i am out of country for work right now and want to have an answer made up by the time i land tomorrow.

Thanks for any input!

[Account Closed]

Tim,

Lets say they sign the lease for several months after telling you they are moving in one month are you going to hold it over their head and try and hold their deposit base on they broke the lease. You should go month to month.

Joe Gore