Updated over 5 years ago on . Most recent reply
Arb customer trying to get out of lease
Customer of mine went into AirBnB arbitrage (despite my reservations...) and is three months into a lease with all reservations cancelled. He wants to get out of the lease with a 30 day notice. That's in VA.
Comments and advice appreciated.
Just to clarify: he is the long term tenant and subleases short term/AirBnB, with the landlord's ascent. He wants to break the lease for "Covid 19 force majeure"
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#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
I hope you have a big fat deposit. What is your cancellation policy? Does he owe the rest of the lease until you get a new tenant? Mine does.
You could let him go if he pays the next months rent during the 30 day notice and you keep his deposit.
OR - You explain to him he is responsible for the remainder of the lease you hold his feet to the fire and you let him know that this will go on his credit report.
We TOLD all these people that arbitrage was a bad idea. I bet not one of them listened. I bet they wish they had listened to the wisdom of this group now!