Investor · CYPRESS, TX · Member since 2011 · 39 posts · 13 votes
Hello guys, first off I wanna say I've been on this website for a while and really haven't had a need to ask questions being I could usually find an answer by searching the forum. (Not saying I'm an experienced investor or anything because I'm not, I've only been in the game a couple of years and I'm a bigger pockets member in order to learn)
Well the time has come for my first bump in the road in land lording. I have tenants in a duplex that I rented to this past September and they were recently engaged. Well sure enough I just got a phone call today by one of them saying they want to be removed off of the lease.
Do any of you have any suggestions on how I should handle this, or approach it conversation wise with both tenants?
I did tell the tenant that called me that I could not make a decision right on the phone and that I would have to get back with them.
Investor · Clarksville, IN · Member since 2012 · 226 posts · 96 votes
13y
They both signed, they are both on it until it naturally terminates. Stay out of it, when they get back together next week, you will be the bad guy. If you let one out and the other fails to perform, you now have one less person to get your $ out of.
Investor · Clarksville, IN · Member since 2012 · 226 posts · 96 votes
13y
They both signed, they are both on it until it naturally terminates. Stay out of it, when they get back together next week, you will be the bad guy. If you let one out and the other fails to perform, you now have one less person to get your $ out of.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
13y
Whenever you do consider to let somebody out of a roommate type situation, you have to go back and look at who's left to see whether they qualify minus the one leaving. Sometimes there won't be enough income with the remaining people to be able to afford the place.
As posted by Donald above me, if you let one out (a release from the lease), that leaves you with one fewer party from which to collect any money owed to you. On the other hand, whether you release or not, the one moving out will find their own place and will probably stop paying you anyway.
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
13y
Both are on the lease, so both have to "leave". More practically, if one wants off the lease, then the existing lease terminates and a new lease goes into place with the one who's left. The one who's left would have to qualify. If they cannot qualify by themselves, then a new lease with just the one person isn't an option. So, either the existing lease stays in place or everybody leaves.
If the one remaining person can qualify, then the security deposit is going to become an issue. The one leaving may way they want half the money back. But if they were leaving, its likely there would be charges against the deposit. And you will want a full deposit for the new lease. So, you'll likely need to tell the two of them to work it out between themselves and that you will transfer the full existing deposit from the old lease to the new one.
Investor · CYPRESS, TX · Member since 2011 · 39 posts · 13 votes
13y
Originally posted by Donald Hendricks:
They both signed, they are both on it until it naturally terminates. Stay out of it, when they get back together next week, you will be the bad guy. If you let one out and the other fails to perform, you now have one less person to get your $ out of.
Just my opinion.
Funny thing I just got a text, and it sounds like the couple is now attempting to fix their relationship and said they would get back to me later. I guess your "...get back together next week..." comment materialized Donald.
Investor · Southeast, MI · Member since 2012 · 2k+ posts · 1k+ votes
13y
This happens all the time. The best thing to do is stay out of their drama. I can't tell you how many times the BF or GF has called me to say they're leaving and want to be off the lease or want "half the security deposit back". I tell them that they need to decide who stays or goes and the security deposit is not getting a partial refund. If they were married, a judge would decide all of this.
I had one couple renting from me and they ended up hating each other. They both called me wanting me to evict the other. Neither wanted to leave the house and they stayed their for a while. The BF called me one day and said he was "terrified" of her and afraid she was going to "stab him in the middle of the night".
Investor · Clarksville, IN · Member since 2012 · 226 posts · 96 votes
13y
Originally posted by Luis Becerra:
Originally posted by Donald Hendricks:
They both signed, they are both on it until it naturally terminates. Stay out of it, when they get back together next week, you will be the bad guy. If you let one out and the other fails to perform, you now have one less person to get your $ out of.
Just my opinion.
Funny thing I just got a text, and it sounds like the couple is now attempting to fix their relationship and said they would get back to me later. I guess your "...get back together next week..." comment materialized Donald.
I use to be the Police, I have been to that house many times.
Chicago, IL · Member since 2013 · 105 posts · 31 votes
13y
Expect there to be more fights and more phones calls of "i'm moving out" or "I want X out". Stand firm so you dont get sucked into that vortex. Remind them when the lease expires and that they are BOTH responsible for the rent until that time. Thats it. Keep the conversation brief and to the point.
Investor · CYPRESS, TX · Member since 2011 · 39 posts · 13 votes
13y
Originally posted by Dyna J.:
Expect there to be more fights and more phones calls of "i'm moving out" or "I want X out". Stand firm so you dont get sucked into that vortex. Remind them when the lease expires and that they are BOTH responsible for the rent until that time. Thats it. Keep the conversation brief and to the point.
Thanks for the heads up. I will keep that in mind.