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Updated over 3 years ago,
Please Help! Wisconsin Multi-Year Lease
Today is a horrible day. We closed on our first duplex 2 days ago and I contacted our property manager/realtor today to discuss sending rent increase notices and they pulled up leases to see that the lower unit is leased until 6/2021 and the upper unit is leased till 6/2025! My heart is sinking. The rents are very low and have me paying all utilities. This was our first occupied unit and multi unit, so of course, I did not do my due diligence, as my property manager is also my realtor and when the offer was written, we put langelade that stated “tenants are to remain month to month leases”, so I had assumed that my realtor had verified the lease terms, as we had discussed increasing the rents. Buuuutttt now, I am stuck with a property that is not going to make me any income and I will be lucky to break even after utilities. I am so mad at myself for not asking to review the leases. Now I know not to depend on anyone else, even though I trust my realtor/manager and I know it was an oversight on both our ends. My question is if anyone has any tips? I told my realtor that we may just have to re-list it and pray we can sell it.
Thanks!
alisha