Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 28 days ago on . Most recent reply

User Stats

5
Posts
1
Votes
Kristy Buchanan
  • New Orleans LA, USA
1
Votes |
5
Posts

Re-negotiating Term Agreements with Mid Term Renter

Kristy Buchanan
  • New Orleans LA, USA
Posted

Hello Everyone! I have a mid-term renter currently in my fully furnished 1 bedroom house. She did a 1 month stay via AirBNB website, due to the fact that I can't legally go under 30 nights on the AirBNB website due to the New Orleans STR limitations. (Orleans Parish currently being sued over this).

After the 1 month agreement on airBNB, I entered into a 3 months lease agreement with the mid term guest/ renter. She has requested information as to what could be done for renewing August - December. 

I recommended that she reach out to me 1 month before she is about to move back in and then we could get a new lease signed. She did not like this answer as she wants to be guaranteed NOW that she will have a spot in August. She then tried to pull the "emotion" card by saying that it would be such a big inconvenience to move her belongings out for 3 months and not know if she can move back in in August.  She also stated there are a number of airBNB sites that she could book for August and secure now, even though shed much rather stay in my place. (I think she knows I have one of the the best places in town).

I then offered to allow her to pay for 1.5 month of the 3 months she would be away as a non-refundable holding fee to guarantee that the place is hers come August. This way she can leave her stuff there and go home to Chicago and just come back when the new semester starts.  ((She msged me back about something completely different and did say if she would be interested in agreeing to this. She seems to want to keep the relation positive with me which is good.))

I don't want a non income producing unit for 3 months, when there is always a possibility of someone else wanting the place now and for a longer term lease. However, I also know that it is possible during the summer that I can't find anyone. 

I really like the guest/ tenant and would like her to return, however, I don't feel comfortable with the way she is trying to get basically 3 months of free rent to hold her stuff OR have me agree to not sign with anyone for 3 months so that she is sure she has it in August. 

My questions are:

1. Did I handle this situation in the correct manner? 

2. Should I offer a 3rd option that is even more in favor of the tenant the ensure I have her in August - December? 

3. Or should I just completely cut my losses and have her move out for 3 months, not gather any rent for 3 months and then have her move back in for August? 

4. Or just let her let me know which of the 2 options she wants and let it go? 


At this point I really need the income to help pay the mortgage. 

Thoughts?




  • Kristy Buchanan
  • Loading replies...