I'm not sure if I need to include the back story or not so I'm going to. Hopefully this doesn't detract from what I am actually looking for. I had two tenants starting last November on a year long lease. They were a couple and then they broke up about 3 months ago. Luckily for me, it was cordial and they finished out the lease with him sleeping in another room. The down part for me was that they were late every month with the rent but always came through and included the late fee without a problem. Now that it is time for the lease to be up, the woman wants to still live there but with her new boyfriend. She can't pay the rent by herself so it is a fairly uncertain situation especially with them being late every month previously. She did take care of the house though so I want to extend the lease for her. To hedge my bet, I want to switch from a year long lease to a monthly lease. Any advise or recommendations as to what I should put in my lease to make it a good month to month lease? Thank you in advance.
1) GOOD CHOICE!
2) all parties sign the m2m
3) under all conditions, the security deposit will only be made available to the last resident who will be surrendering the keys.
If the old lease worked OK then make the new one exactly the same on M2M.
When resigning make it 100% clear to both that one late payment, even by a single day, or any request to make a partial payment will result in terminating of their lease.
It's your business but any landlord that teaches their tenants to pay late is digging a deep hole they will regret. Every time a tenant pays late, after the first occurrence, it is the landlords fault for teaching their tenant it is allowed. Landlords make excuses all the time for problems with tenants paying late but the fact is most landlords condone late payment by not serving a eviction notice.
Excellent choice! Since the old boyfriend is moving out and his former girlfriend and him were on the Lease the security deposit legally belongs to both of them therefore; you should get a release from the boyfriend stating that he is aware the deposit will continue to be held until she moves out and would be returned to her provided there are no damages to the unit. This will release you from any type of liability from your previous resident.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing