VRBO Tenant wants to extend stay - looking for advice

[Matthew Jones]

Hi All!

We have a Corporate Rental Townhouse near Charlotte, NC and it has been doing very well since the day we listed it.

My current tenant initially booked this property for 65 days (we had a 30 day min) and he now would like to extend the stay for another 90 days which is great! We haven't talked about the details yet, but I am under the assumption we would both like to do this extension outside of VRBO.

He stated that if we are to extend his stay, he would prefer to pay us at the beginning of a month, for each month he will stay going forward, instead of paying one lump sum like he did on VRBO. I think I am ok with this, as long as he gives me proper notice before he decides to terminate his stay so I can make the rental available on the VRBO calendar

My questions are:

1) Is there any reason I shouldnt do this outside of VRBO?

2) If we work out the details, and proceed without the help of VRBO, should I make him sign a simple month to month lease?

3) Are there any legal ramifications I am not thinking of?

Any advice would be great. This tenant has been amazing, and I have no concerns about him not paying us or damaging the property, but I just want to make sure I am protecting our interests.

Thanks!
Matt

[Eric A.]

Matt,

Tenants are not your friends and even though he has paid well and is great it could go south quickly. He is officially a long term renter and I would have him do a formal lease (which really means nothing), and submit to a background check. 

If you are fine doing it outside of VRBO go for it. Make sure to follow all the precautions you would for a long term renter. Take care. 

Best Regards,

Eric