All Forum Posts by: Dan Gustavson

Thank you all, I appreciate that you took the time to give me advice on the matter. I spoke with them last night and took Joe's route. I told them that they are contractually obligated for March if I cannot get a new tenant in by the 1st. They agreed to keep the place spotless and will be flexible for showings. I told them if I get a new tenant in, and no damage found during final inspection, I would give them the deposit back (minus cleaning fees). They expressed how apprecitive they were that I was willing to work with them.. so it all ended very well. I listed the property last night, put a for rent sign in the yard an hour ago, and am now just waiting for the phone to ring. Thanks again for the input!!

@Bob B. - Thank you for your input. Good reminder.. "it's just business". 

@Joe Splitrock - Thank you for taking the time to respond, I appreciate your input. I have also thought of going the route you described, but I figured that if they are wanting/needing to vacate early due to them finding a house.. why would they not just bail anyway to avoid paying March? However, I see your point. 

Regarding their security deposit, if I did find a new tenant in Feb and they moved out early... would you keep it as breach of contract or would you give it back? That is what I'm mostly confused about. 

Hello to all in the Bigger Pockets world! This will serve as my first post in the forums. I have been a member since 2014 but have only been active as of the last couple of years as I obtained my first rental property in 2017. My first tenants are about to end their second lease, it terminates the last day of March. However, she text me yesterday saying they found a house and will not be signing a third year and asked if they could terminate a month early, last day of Feb instead of March. I have read other threads regarding this topic, but found myself in a more unique situation compared to the ones I found as it's only one month vs several. They have been good tenants so I want to keep the peace and work with them. According to the lease signed, it states that the security deposit will be refunded as long as they fulfill all obligations as per the contract, including the full term of the contract had expired. My thinking.. if i say no and that they need to keep to the contract and pay march, they will just bail anyway and i could risk damages. OR.. i was thinking of saying they will lose the deposit and I would terminate the lease the last day of Feb. I would also state that if they kept the place immaculate so we could show it, no damage during final inspection, and if i got it rented before March.. I would possibly consider refunding a portion of the deposit (kind of like an incentive). 

Sorry for the long explanation.. this is all new to me and I want to be fair and not stir up bad feelings as they were good tenants. I appreciate any and all feedback! And I plan on posting on here more often. Thanks everyone!

Hey Jeff.. how often do you have this meetup? Is it monthly and do you have it during a specific week/day during the month? I won't be able to attend tonight, but I am planning on attending next month. Thanks!

I would also like to know, Northern Utah is too expensive right now.

@Kevin Christensen - I went through something similar with my wife two years ago. I was driven to sell our primary SF residence to majorly downsize into a brand new townhouse. I knew with the crazy UT market that we had a ton of equity in our SF and could use that towards the townhouse. I was planning on using the VA loan to purchase the TH so the catch was... we had to live in it for a year before we could legally move out and turn it into a rental. NO WAY.. she said, many time!! It took a lot of talks, a few fights, but after I sat her down and went through EVERY detail so she could physically see the benefits.. she was finally on board. We still have the townhouse as a rental two years later and are currently looking for our second.. but I am really struggling with the HOT market in Salt Lake. We purchased another primary SF home that we've been in for two years now and she is already talking about renting out our SF and buying another TH to rent. She's so driven now that she said she would even sacrifice and move into our 5th wheel trailer for a year to save money for another rental. Show your wife all the benefits and eventually she'll come around... and then she'll be hooked :-) Good luck friend!

If you are looking for a newer home, check out Herriman. It's 5 minutes south of South Jordan and Riverton. It's BOOMING out here with new construction. I have owned three homes in the area and have lived in Herriman for 10 years. It's only a 35 minute commute to downtown (not during rush hour of course). Daybreak will kill you in HOA fees.. and yes, all of the houses are on top of each other. So if you like your privacy, I wouldn't suggest it. I bought my first SFH in 2013 and sold it 2016 and walked away with 80k from my equity. Good Luck!

Hi Everyone, my father and I will be attending. We both have done a deal or two, but are still very much newbies and are eager to learn. We look forward to meeting everyone.