Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
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 about 7 years ago on . Most recent reply

User Stats

125
Posts
48
Votes
Tyler Brown
  • New York City, NY
48
Votes |
125
Posts

How would you handle wording this situation into a lease?

Tyler Brown
  • New York City, NY
Posted

I have a single family home that's rented out to three college students.  They're all on one lease, jointly and severally liable.  They're Person A, Person B, and Person C.

The lease is up on April 1st.  I recently reached out to them to see if they were interested in renewing for another year.  Person A and Person B would like to sign another year long lease, although Person C is only looking to stay until around June or so, at which point he'll move out and Person A and B will have a new roommate move in, who would be Person D.

This is all fine by me.

However I'm not sure how to handle the lease renewal.  I'd typically just send them another year long lease, running from April 2018 to April 2019 to sign with all their names on it, but then that'd lock Person C into staying all year.  It also leaves nowhere to add Person D.

I also don't want to create a lease that just runs from April to June because that would give Persons A and B a chance to change their mind at the last minute and decide to move out as well in June.

Thanks for any suggestions.

Most Popular Reply

Account Closed
  • Investor
  • Saskatchewan , Saskatchewan
233
Votes |
311
Posts
Account Closed
  • Investor
  • Saskatchewan , Saskatchewan
Replied

I would

Sign the lease with the ABC, have C sign a forfeit of lease when they go, have D sign on original lease when they arrive.

Loading replies...