General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 8 years ago,
Help with partial lease renew
Dear fellow BPers,
I rented out a SFR in Southern California to 4 adults last August, who are all friends. Now, two of them want to renew the lease for another year while the other two do not. The two that wish to stay cannot afford the rent alone but offer to search for substitute roomates. All the tenants have been paying rent on time. Finally, the whole lease will end in 8/1.
I would like to learn your opinions whether or not to retain
the two current tenants who wish to stay. I am thinking that I will start marketing the property on the market for a complete set of new tenants and meanwhile allows my current tenants to search for substitute roomates, as either way will produce a new set of tenants. The tricky part is that how should I handle checkout process of partial tenant exit as complete inspection will not be possible.
I appreciate your input with regard to this situation.
Thanks,
Wei