All Forum Posts by: Edwin Ortiz
Edwin Ortiz has started 1 posts and replied 4 times.
Post: Notification to tenants of intent to sell with a twist
- Posts 4
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@Chris Seveney in santa clarita
Post: Notification to tenants of intent to sell with a twist
- Posts 4
- Votes 1
Quote from @David M.:
Not sure how CA law works, but can you just have a conversation with them? Then, send a letter to meet CA law? I'm not even sure I understand all your desired outcomes. I've been liquidating my portfolio and about half have been purchased by my tenants. Its nice since we can just float timing of the deal and make any custimizations. Good luck.
@David M. California is super tenant friendly so I have to send them a letter least 60 days in advance with intent to sell. I just was having hard time sending the letter then saying "unless you renew" felt forced since instead of 30days notice I would need it soon as possible. They are great tenants and I think that phone discussion of buying the property is something I could definitely bring up. I appreciate the advoce
Post: Notification to tenants of intent to sell with a twist
- Posts 4
- Votes 1
Ahh. This was the exact response I needed. I definitely thought to much about it. Thank you.
Post: Notification to tenants of intent to sell with a twist
- Posts 4
- Votes 1
Back story is: lease expired and sent tenants in advance intent to raise rent (was barely breaking) they decided to extend only 6 months at current rate. since then, i just got a job offer to move to Atlanta. I decided that since i am leaving i dont want to have to go through getting new tenants so i have decided to sell.
"twist" is i would not mind keeping the same tenants but if they decide to leave in May as intended then I'll be behind the ball on getting it ready to sell. California law i want to give them ample notice asap. my question is how do i formulate the letter that says if you don't renew im selling without sounding like I'm trying to handcuff them? tough situation since i have to give them so much notice but also dont want to lose time if i don't send them the letter. they have been solid tenants for 3 years, but the business end of this is that the value of current rental rate is not value for me.