Hayward, CA · Member since 2009 · 258 posts · 62 votes
Purchased a duplex and gave 60 days notice. To all tenate I'm losing about 700 a month because of below market rent.
One unit asking for additional 3 weeks because they are in escrow in purchasing a place.
What do you think I should do?
Extend for one month? Increase rates and sign a monthly or is there such thing as days?
My goal is have them out so I can remodel and rent at market rate.
What if their deals falls out?
How would you guys structure this?
You have already given the 60 days notice so you will now need to get a letter signed by all parties indicating the notice and existing lease is being extended 30 days.
Make it very clear there will be no further extensions and that if they do not leave at the end of the extension you will evict. There is little else you can do other than begin the eviction if they do not leave at the end of the original 60 day notice.
Investor · Bellevue, WA · Member since 2013 · 22 posts · 9 votes
9y
Hi Taye, We have something similar going on right now. I always try to start from a place of "hey, can I help this tenant out, and make sure I'm taking care of my needs, too?" If you could get started renovating on one side of the duplex, consider if it would make financial sense to extend them that 3 weeks on another lease, but raise the rent to match the $700/month equivalent (or more) that you are losing now. Then I'd put in 2x (or more) escalation in rent if for some reason they want to stray over 3 weeks. Assuming this rental is in California, where you are, be aware that I don't know your (rumored to be) oppressive landlord laws, so be careful whatever you structure is a) legal and b) enforceable. Good lease contracts can be your friend! It is probably worth it to this tenant to pay more for that extra 3 weeks than move twice. They win, you win. Cheers!