Skip to content
×
PRO
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
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
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 13 years ago,

User Stats

2,498
Posts
280
Votes
Bienes Raices
  • Orlando, FL
280
Votes |
2,498
Posts

How would you handle these tenants?

Bienes Raices
  • Orlando, FL
Posted

I started another thread about this, but now it's taken a new twist.

I had three roommates living together paying $850/mo. (total). One of the roommates moved out with little notice in mid October.

I was prepared for the worst, but the two remaining tenants were able to come up with November's rent on time on their own. However, they only paid $600/mo. at their last place so I'm not sure if they will be able to keep this up.

Then one of the two remaining tenants sent me an email hinting indirectly about what would happen to the security deposit if they had to move out before the end of the lease.

I am thinking of two options:

1) telling them I will let them out of the lease early if they stay at least until January 1st (so I don't have to deal with the holiday vacancy problem) and stay current on the rent until then, and I will give them back the deposit if the place is in broom clean, undamaged condition, as per the lease.

2) lower the rent to $800 to keep them there (I haven't had any real issues with the two remaining people, and they are taking good care of the place).

The thing that concerns me about Option 2 is that I still don't know for sure if they can consistently come up with the full $800/mo. or not. And I don't know whether I would have to start a new lease with them or if I could change the rent on the existing lease.
Also I don't know if lowering the rent could cause issues with a potential eviction if they can't come up with the $800/mo.. $800/mo. is absolutely the lowest I would be willing to go with the rent.

So would you do Option 1 or Option 2?

Loading replies...