All Forum Posts by: Riley Geiman

@Riley Geiman....nope....not so far. I've only had one need to leave early due to needing to move out of state due to a death in the family. If I had him on a 1 year lease, what would have happened? He would have left anyway and I never would have seen a dime of any early termination fee etc.

I had it rented about a week later. I manage myself, so no placement fees, and the cost to clean and turnover was minimal. Still a pain to have to go through the showing and screening again, but WAY less hassle than trying to collect $$ off a broken lease agreement

M2M give ME options...... a long term lease screws ME if I just want them gone. It protects the tenant WAY more than me. If you screen well and emphasize you want long term clients but aren't afraid to cut them lose at any time, you will be fine. 

I too would use the Happy Clause...... this obviously isn't working out, so I will gladly release you from the the lease with zero penalty and you can find another unit that better suits your needs...... otherwise I document everything and she can pound sand....

This is another reason I only do M2M leases from day 1...... both sides are protected and I have WAY more options.

Never relay on the immediate past landlord...... if they are a nightmare they want them gone and will lie to your face to get them gone. 

You can check to see if any local lends will let you put down less on a 2-4plex if you live in one of the units. That used to be a thing. 

At todays interest rate I can’t see a minimum downpayment purchase not losing money every month, especially compared to living in it for a year and renting out your old place. I’d want to put 20-25% down. You certainly aren’t “losing out” by not renting it for a year with less than 20% down.