I just had a tenant break alease a month in. What measures can ti take to recoup some of my losses. They are being cooperative in letting me show the unit but I do feel as thought I passed up on great tenants by choosing her. What are my options BP?
It depends on what your lease says.
Most would advice to cut your losses and move on.
Call back those prior prospective tenants
We recently bought a property with a tenant. They just gave notice that they are leaving. Their lease runs thru March '16. They paid their October rent on the 1st and they put up one months rent + a half month's rent for a security deposit when they rented from the previous owner. Should I just work out an agreement to keep that money if they are out by 10/31/15? I understand they are liable thru the end of the lease, but it seems like a lot less hassle to just keep what they've already paid & let them go. Advice?
Lots of good advice here! Read your lease, thats important. Here in Florida, the new association lease includes a termination clause that spells out up front what happens if people bail on the lease or what their buyout is. I like that a lot because it is much easier to handle that during the initial lease signing, when people think they love the place and they will stay through the lease and maybe even longer, before their divorce or break up with their boyfriend... etc.
Your first loss is your best loss! If you get them to agree to you keeping their deposit, that will be your most painless plan. The last thing you want is a huge battle and then have to evict them to get them out. If they let you show the unit and return it to you clean and ready to rent... even better!!!
Hopefully your rental market is strong!
Thank you, Charles. The lease is not a great one, but it is what we "bought" when we purchased the property. The previous owner was a lot looser than we plan to be. I have a lease that we'll use & it is pretty straightforward so from here on out, we should be covered. I think we will just write something up that lets them out of the lease if they forfeit their last month rent payment & their deposit AND are out by October 31. Is there an existing form for that?
Are you working with an agent in your area? If so, he/she will have all the forms necessary to clean this situation up. If not, shoot me a PM and I can give you a hand.