How to remove one of the landlord in the lease

Question

Hi ,

We r a new landlord. property Has four owners and all four owners are in lease. now one person want to get Out from lease. Pl share how we can remove the person from lease , pl let me know if we need to notify the Tenent and they also need to sign ?. Pl share any sample amendments.

Thanks

Drew Sygit · Answer

@Meenakshi Selvaraj you show your naivete by the way you've structured your ownership!

You should have put the property in an LLC, then you wouldn't be asking this question and you wouldn't have to work about the tenants tracking any of you down- much less the weakest of you.

Mitch Messer · Answer

Hi @Meenakshi Selvaraj and welcome to BiggerPockets!

I'm just going to come out and say it, even though I suspect you won't hear me (but perhaps someone will read this and avoid this common mistake): Do NOT self-manage!

If I'm your tenant, I'm going to figure out who among the four of you is the weakest, softest, and most compliant owner, and I'm going to work that person like it's my full-time job! Whenever I'm going to be late on rent, I'm contacting them; when I need anything done, they're my first call.

Is this what you owners want? I doubt it!

The four owners should immediately hire a professional property management company that comes well recommended and get your names off the lease entirely!

Managing a rental property is challenging enough when done by just one person; it would have to be nearly impossible performed by a four-way committee of inexperienced landlords.

How to remove one of the landlord in the lease

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