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General Landlording & Rental Properties

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David Collier Jr
Pro Member
  • Pompano Beach, FL
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New Purchase: Asking a current tenant to break a lease

David Collier Jr
Pro Member
  • Pompano Beach, FL
Posted May 13 2018, 13:29

I have a duplex under contract that I plan to move into, preferably FHA (immediate occupancy) or Conventional (60 days). Current tenants lease is good to Aug 31st, closing 06/15 which can be pushed back to end of June. Her lease states she must submit intent to renew within 90 days of renewal (June 3rd). I was considering discussing my intent with the listing agent (also prop manager) in hopes he would help me communicate w tenant. I'd need an agreement with her prior to closing technically and a notice to vacate.

The rent is currently under market by about $300 with minor updates. Moving in will allow me to update the unit up to market and of course house hack for 12 months. Tenant has expressed that she wishes not to move and has been at the property 3 years. 

In return for her agreement to break the lease, I was wondering what you think is fair? I was considering a full security deposit refund (including pet deposit), paying for movers, offering my Realtors services and $2,000 cash. Maybe that seems like a lot to offer but my thoughts are a few thousand dollars is minor when considering the life of ownership of this asset. 

What's your play here? Thank you in advance for taking the time to read this.

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