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Updated over 1 year ago on . Most recent reply

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Agustin Conti
18
Votes |
65
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First renewal, Tenant ask for multi-year lease

Agustin Conti
Posted
Hi, I am ready to renew the lease with a good tenant, He accepted the price increase proposed for the new lease starting in october (very reasonable) but has asked about an extended lease. I don't have a reason to be worried about this tenant and his family as they seem to be the perfect tenants. I want to know what precautions or tips I should consider and how to do a lease myself (and a multi-year lease!). I used a realtor (very expensive!) to get the tenant in, but for the renewal she said I could do it on my own and save the money. I kind of agree with that as the screening is already done and I have a good tenant. All I have to do is duplicate the contract right?  To recap,  my questions are:
How to renew a lease with a tenant without a realtor.
What are the advantages of doing a multi-year lease (2 years, I would not do more), what provisions can be included, and how to do it myself.
the property is located in South Florida.
Thanks!
Agustin

Most Popular Reply

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1,098
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746
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Ray Hage
  • Investor
  • Fort Lauderdale, FL
746
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1,098
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Ray Hage
  • Investor
  • Fort Lauderdale, FL
Replied

@Ricardo R. Yes, your points are exactly right. Unfortunately, there is no real "security" in 1 month, 1 year, 2 year lease, etc. The best security is choosing excellent tenants that ideally want to stay for long term (meaning several years). I have had tenants for 4+ years on M2M. They can leave anytime but don't. On a M2M, it's much easier to get out a bad tenant. I think the OP feels that getting a M2M tenant will cause turnover every few months, which is rarely the case.

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