Best ways to break lease with tenants? (Inherited in transaction)

[Michael Vallee]

Would really appreciate any insights into how to or ways to break lease with tenants? Here’s the scenario - buying a 4 plex in Tempe, AZ that was all rented out in Aug for 1 year on 3 units and 2 years on 1 Unit. At about 40% below median rent for the area. Also, when they expire are at a key time of the year when college students return for fall semester. (Entire town rents out near school) So, not sure I can turn that quick and may miss the window. How soon following any hint of Non compliance, late payment or any other means outside an ideal tenant can a lease be broken? Open to ideas... Thank you in advance! Michael #propertymanagement #landlord #leases #tenant

[Ryan Swan]

@Michael Vallee you must honor the lease terms that you inherited. One act of non-compliance on the tenant's part will not allow you to then unilaterally "break" their lease. If a tenant is not paying rent or are violating some other term of their lease, you would need to deliver a formal notice and start the eviction proceedings (5 day notice pay or quit, 5 day notice health/safety, 10 day notice of material non compliance). If they don't remedy the situation, then have an attorney start the eviction proceedings, which you can expect to take between 30-60 days in AZ.

Offer the tenants something of value if you want to mutually terminate their leases early. Think of it as a "cash for keys" scenario.