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Updated almost 4 years ago on . Most recent reply

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Mario Malpelli
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Bound by lease advice

Mario Malpelli
Posted

Hi there, I rent in Queens NY and signed a 2 year lease as I got a good covid deal on a building I would otherwise not be able to afford. My lease does not end until January of 2023. I'm new to REI but have been educating myself for a few months and am actively enrolled in the Real Estate Rookie Bootcamp. Ideally I'd love to househack in Westchester NY however I am bound by this lease (sublets and rental arbitrage not allowed) but don't want to use this an excuse to wait a year to make a move. Any advice? Would you wait until lease is up or attempt other strategies until then?

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Tom S.
  • Real Estate Investor
  • Burlington, VT
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Tom S.
  • Real Estate Investor
  • Burlington, VT
Replied

@Mario Malpelli  Does the lease cover what the fee is if you leave early?  Is the landlord flexible if a replacement is found?

 For my leases, if someone is moving out of the area for good reason, I have been open in the past to getting a replacement tenant as long as the existing tenant covers all fees.

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