All Forum Posts by: Michael Craig

Hello BP, can you provide feedback with the wording I came up with for my lease in regards to early lease termination:

Early Lease Termination: Shall the tenant require to vacate the premise prior to the completion of this agreement, Tenant must give Landlord written notice and 1.5 times monthly rent 30 days prior to move-out. Tenant will be liable for the remaining lease payments if early termination is not performed as outlined.

@Skyler Walker

You will find that qualified tenants appreciate the thorough screening process as they will feel more comfortable with who you will place as their future neighbor.

@Skyler Walker

You have the coolest name.

Which platform are you using for screening? I like to use Cozy.co as applicants do not send me money direct for screening but instead upload their payment to the website.

For applicants who do not qualify I respond by letting them know that they did not meet the criteria for renting the apartment. For me, this is easy to do because I post the criteria on a sheet I hand out during each showing (this will also deter unfit candidates from applying in the first place).

If you have to choose between applicants who are both qualified you can base your decision on who submitted the application first - in this case you can say something along the lines of  "Thank your application however, another candidate has been approved before your application was received". 

In the event where both applicants submit applications at the same time and one is more qualified then the other, you will have to be honest and let the candidate know as soon as possible that even though they qualify, you will not be renting to them. Document and explain your reasoning for why applicant A is a better fit, as Applicant B can come after you for discrimination if not properly justified.

@Sarah Barrett

The only legal obligation is for the tenant to make each monthly payment until the lease expires (unless a termination fee is outlined in the lease, then the tenant is obligated to pay that).

@KC Boultinghouse

This is not a 4 family home, this is a SFH. You need to go to your cities building department check all documentation pertaining to this property to see if at some point it has been grandfathered as a legal 4 family home. If it has not been grandfathered, you need to have the seller apply to have it zoned as a legal 4 family house. This process takes months and most times they will not even rezone it (depending what state/city you're in).

I wouldn't think about proceeding until the property is zoned properly.

@Mike York

They are jointly and severely liable. Do not adjust the lease because the BF moved out. If they do not want to live together that is fine, but their personal issues are not your problem. 

Wait until the lease expires to renegotiate terms.

-Tenant moved-in on March 2019 and signed a 1 year lease

-Tenant just received a promotion which requires him to relocate

-Tenant wants to terminate the lease early

How have you handled this situation? 

@Brandon Temples

If there is no value to be added, why would you "invest" in a property that does not cash flow?

@Brandon Temples such a broad post. Are you looking at turn key or value add properties?

@Kendra M Adams

Just do it