Los Angeles, CA · Member since 2018 · 4 posts · 0 votes
Hi,
I actually started using this forum to help me invest out of state, but found out I need help with my tenants here in LA.
I have a 3/2 condo here in LA (near Pasadena) and currently rent it out to 3 young professionals, right out of college young. One of them just got a job in south Orange County and is requesting to have someone else take over her portion of the lease with about 7 months until the end of the lease. She mentioned that she has 6 potential applicants already.
My question is... how do I go about doing this? All 3 tenants signed the lease and I had all 3 of their parents co-sign as well. Any help would be great... and thanks in advance!
Realtor · Austin, TX · Member since 2014 · 74 posts · 48 votes
8y
If all parties agree you can null the original contract and establish a new one.
Alternatively, if there's no clause against sub-leasing then that could be an easy solution...just make sure the original tenant knows that if their replacement doesn't pay rent then they (the original) is on the hook for those funds.
Rental Property Investor · DFW, TX · Member since 2013 · 953 posts · 910 votes
8y
I don't see a problem here either. My lease doesn't allow subleasing unless there is written consent. Just screen the potential tenants she has lined up and let them take over for 7 months then sign a whole new lease with everyone. In the future just modify your lease to address this situation. I have a lease break fee that a tenant has to pay if they want to leave early. If she wants her portion of the security deposit back just make the new tenant put the same amount up.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
8y
Just write an addendum removing the departing party and adding the new tenant. The security deposit is between them since it is a single lease. She needs to get her portion of the deposit re-imbursed from the new tenant. Also screen who they propose as you normally would. I let the co-tenants pick the person they want to screen first in this case since they are living with them. I would charge the departing tenant for any necessary lock changes or known damage.
Los Angeles, CA · Member since 2018 · 4 posts · 0 votes
8y
Thanks for the advice everyone! I’m double checking the agreement we used to see if we can do a sublease, otherwise we’ll just do another agreement.
Like what some of you have mentioned, I asked her to let the tenants decide on the best candidate and then I’ll review this candidate after. I also informed her that I didn’t want any disruption to the rental payments as well. Hopefully this all works out!