First renewal, Tenant ask for multi-year lease
Member since 2021 · 79 posts · 25 votes
First renewal, Tenant ask for multi-year lease
Most Popular Reply
Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes
3y@Ricardo R. Yes, your points are exactly right. Unfortunately, there is no real "security" in 1 month, 1 year, 2 year lease, etc. The best security is choosing excellent tenants that ideally want to stay for long term (meaning several years). I have had tenants for 4+ years on M2M. They can leave anytime but don't. On a M2M, it's much easier to get out a bad tenant. I think the OP feels that getting a M2M tenant will cause turnover every few months, which is rarely the case.
41 Replies
- 3yRicardo R.Pro MemberProperty Manager · Michigan Ctr, MI · Member since 2016 · 661 posts · 581 votes
@Agustin Conti great to hear you are trying to take a go at it yourself. I'll try to assist:
How to renew a lease with a tenant without a realtor: Basically just take the current lease you have now between you and the tenant and update the new lease term and the new rent amount.
What are the advantages of doing a multi-year lease: Advantages to you... none.
Agustin, this should be pretty straight forward just draft a new lease update the dates and rent and send it to the Tenant for signing. You should offer the entire lease just updated preferable BUT can also just send the tenant an amendment/addendum which just extends the current lease to whatever date you both agree on. Regarding a 2 year lease, there is NO ADVANTAGE to you and in fact it is actually a disadvantage to you. Under any lease (any term from 1 month to 40 years) the Tenant can literally walk-away tomorrow and the only recourse you have is to hold on to the security deposit (and maybe not even that) because basically no judge will force a tenant to pay for a term they didn't use up BUT YOU, can not do anything until the term is up/tenant terminates, you can not increase rent, stop renting, etc. etc. and is also more difficult to remove a tenant until the term is expired. My advise is stick to month-to-month or at most 1 year and no longer. I hope this helps.
- Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes3y
All you need to extend a lease is a paragraph or two.
The existing lease between tenant xxxxx and landlord xxxxx for the property at address xxxxx is amended in the following ways.
The lease end date is now x/x/xx with the rent starting x/xx/x to be <old rent plus x$’s> and the rent starting x/xx/xx (a year later to be old rent plus even more dollars).
You want to find out current market rent and set your rent within 5% of that and then increase the rent to increase at least 5% a year from now for the 2nd year.
This can all be handled in half a sheet. This is also a chance to add anything else you forgot in the original lease. No pets, or pet rent, landscaping responsibility, utilities, length guests can stay, etc etc.
- Member since 2021 · 79 posts · 25 votes3y
Quote from @Ricardo R.:
@Agustin Conti great to hear you are trying to take a go at it yourself. I'll try to assist:
How to renew a lease with a tenant without a realtor: Basically just take the current lease you have now between you and the tenant and update the new lease term and the new rent amount.
What are the advantages of doing a multi-year lease: Advantages to you... none.
Agustin, this should be pretty straight forward just draft a new lease update the dates and rent and send it to the Tenant for signing. You should offer the entire lease just updated preferable BUT can also just send the tenant an amendment/addendum which just extends the current lease to whatever date you both agree on. Regarding a 2 year lease, there is NO ADVANTAGE to you and in fact it is actually a disadvantage to you. Under any lease (any term from 1 month to 40 years) the Tenant can literally walk-away tomorrow and the only recourse you have is to hold on to the security deposit (and maybe not even that) because basically no judge will force a tenant to pay for a term they didn't use up BUT YOU, can not do anything until the term is up/tenant terminates, you can not increase rent, stop renting, etc. etc. and is also more difficult to remove a tenant until the term is expired. My advise is stick to month-to-month or at most 1 year and no longer. I hope this helps. Thanks Ricardo for all the info, I find that knowing that
Thanks Ricardo for all the info.I am new a a landlord and I learn as I go. I find that signing a 2 year lease has the advantage of knowing I will have the house securely rented and I will not incur in expenses preparing for a new tenant, vacant time, realtor fees etc. I don't see how this is NOT a PRO (+), as far as the cons (-) if the tenant is good, the only reason I see could potentially be bad is the fact that they have 2 years to "destroy" the house instead of one. Something that can be mitigated by adding something along the lines, "subject to inspection after one year" or similar, the same goes to the rent price..I could set the price for the first year and add something that leaves me in a position to increase the rent by X amount if etc....This is the type of tips I was looking for.
Regards
- Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes3y
I've done an extended lease, the only advantage is you MAY have a tenant in there long term.
To be honest, even though I had a good experience, I wouldn't do it again. What if the relationship goes sour and now you are stuck with them? If they want to stay longer, then you can renew at the time and adjust the rent as necessary (if you so choose). You could also let them go month to month and still live there.
- Member since 2021 · 79 posts · 25 votes3ySounds Good Bill, thanks, but I don't understand this: "You want to find out current market rent and set your rent within 5% of that and then increase the rent to increase at least 5% a year from now
Quote from @Bill B.:
All you need to extend a lease is a paragraph or two.
The existing lease between tenant xxxxx and landlord xxxxx for the property at address xxxxx is amended in the following ways.
The lease end date is now x/x/xx with the rent starting x/xx/x to be and the rent starting x/xx/xx (a year later to be old rent plus even more dollars).
You want to find out current market rent and set your rent within 5% of that and then increase the rent to increase at least 5% a year from now for the 2nd year.
This can all be handled in half a sheet. This is also a chance to add anything else you forgot in the original lease. No pets, or pet rent, landscaping responsibility, utilities, length guests can stay, etc etc.
for the 2nd year"
I am already adjusting (increasing) the rent 2.5% compared to the current lease. What do you mean by 5% then 5% and how to write this type of provision.Regards - Member since 2021 · 79 posts · 25 votes3y
Quote from @Rick Albert:
I've done an extended lease, the only advantage is you MAY have a tenant in there long term.
To be honest, even though I had a good experience, I wouldn't do it again. What if the relationship goes sour and now you are stuck with them? If they want to stay longer, then you can renew at the time and adjust the rent as necessary (if you so choose). You could also let them go month to month and still live there.
Good point, thanks for the advice.
- Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes3y
I mean, you need to find out what the current market rent for your property is. Rent is up 30% in the last 2-3 years. A 2.5% rent increase doesn’t even keep up with inflation. You might be hundreds of dollars under what you could be renting it for. And then a year from now you might be even further behind if you don’t increase the rent at least 5%, maybe more, depending on your market.
The problem you have is 2 years is a long time. The local government could pass a rent cap during this lease. (If Vegas can consider it, anyone can.) If you were 10% under market, you will be legally stuck 10%, or more, under market rent for the rest of your ownership.
So many people who don’t use property managers don’t realize they are so far under market rent they could be using a PM and collecting more net rent. They are literally paying to be a property manager. At least reach out to a couple local PM’s and ask them how much rent they would charge, and how much it would cost you.
- 3yScott WolfPro MemberLender · Boca Raton, FL · Member since 2014 · 1k+ posts · 956 votes
Quote from @Agustin Conti:
Sounds Good Bill, thanks, but I don't understand this: "You want to find out current market rent and set your rent within 5% of that and then increase the rent to increase at least 5% a year from nowQuote from @Bill B.:
All you need to extend a lease is a paragraph or two.
The existing lease between tenant xxxxx and landlord xxxxx for the property at address xxxxx is amended in the following ways.
The lease end date is now x/x/xx with the rent starting x/xx/x to be and the rent starting x/xx/xx (a year later to be old rent plus even more dollars).
You want to find out current market rent and set your rent within 5% of that and then increase the rent to increase at least 5% a year from now for the 2nd year.
This can all be handled in half a sheet. This is also a chance to add anything else you forgot in the original lease. No pets, or pet rent, landscaping responsibility, utilities, length guests can stay, etc etc.
for the 2nd year"
I am already adjusting (increasing) the rent 2.5% compared to the current lease. What do you mean by 5% then 5% and how to write this type of provision.RegardsI think what he means is you increase the rent for year 1, and have another increase at the beginning of the second year. A standard 3%, or tie it to the CPI. (consumer price index).
- Investor · Melbourne, FL · Member since 2017 · 159 posts · 116 votes3y
As was stated earlier there is no advantage to having a multi year lease. Tenant will move out anytime they feel like it regardless of having a lease. I do a 1 year lease at first, then go month by month, with yearly rent increases.
- Member since 2021 · 79 posts · 25 votes3yHi Bill, I know the current rental market in the area very well, the particulars of my property and the narrow niche I am in (its a $4000 rental on a 3/2 single house of 1600 Sq ft. with no pool in south florida). I could have propose a 10% increase and maybe risk loosing a good tenant. The property generates a good cash flow and will continue to do. The risk of having the cost of vacancy and finding a new tenant is not worth the little extra juice I may or may not squeeze out o fit, you have to know what is enough for you and I'd rather spend my time finding the next great house to buy to do the same thing. Thanks for the advice!
Quote from @Bill B.:
I mean, you need to find out what the current market rent for your property is. Rent is up 30% in the last 2-3 years. A 2.5% rent increase doesn’t even keep up with inflation. You might be hundreds of dollars under what you could be renting it for. And then a year from now you might be even further behind if you don’t increase the rent at least 5%, maybe more, depending on your market.
The problem you have is 2 years is a long time. The local government could pass a rent cap during this lease. (If Vegas can consider it, anyone can.) If you were 10% under market, you will be legally stuck 10%, or more, under market rent for the rest of your ownership.
So many people who don’t use property managers don’t realize they are so far under market rent they could be using a PM and collecting more net rent. They are literally paying to be a property manager. At least reach out to a couple local PM’s and ask them how much rent they would charge, and how much it would cost you.
- Member since 2021 · 79 posts · 25 votes3y
Quote from @Scott Wolf:
Quote from @Agustin Conti:
Sounds Good Bill, thanks, but I don't understand this: "You want to find out current market rent and set your rent within 5% of that and then increase the rent to increase at least 5% a year from nowQuote from @Bill B.:
All you need to extend a lease is a paragraph or two.
The existing lease between tenant xxxxx and landlord xxxxx for the property at address xxxxx is amended in the following ways.
The lease end date is now x/x/xx with the rent starting x/xx/x to be and the rent starting x/xx/xx (a year later to be old rent plus even more dollars).
You want to find out current market rent and set your rent within 5% of that and then increase the rent to increase at least 5% a year from now for the 2nd year.
This can all be handled in half a sheet. This is also a chance to add anything else you forgot in the original lease. No pets, or pet rent, landscaping responsibility, utilities, length guests can stay, etc etc.
for the 2nd year"
I am already adjusting (increasing) the rent 2.5% compared to the current lease. What do you mean by 5% then 5% and how to write this type of provision.RegardsI think what he means is you increase the rent for year 1, and have another increase at the beginning of the second year. A standard 3%, or tie it to the CPI. (consumer price index).
Thanks Scott!
- Member since 2021 · 79 posts · 25 votes3y
Quote from @Ron H.:
Followup. I have never had a perspective tenant go away after refusing their request for a multi year lease. I just assure them that lease will be renewed as long as no issues.
Yeap, this is what I am thinking and I am not worried at all about them not getting the multi-year lease they ask. I would say the same thing: we will be happy to renew as long as all is good.
- 3yRicardo R.Pro MemberProperty Manager · Michigan Ctr, MI · Member since 2016 · 661 posts · 581 votes
Quote from @Agustin Conti:
Quote from @Ricardo R.:
@Agustin Conti great to hear you are trying to take a go at it yourself. I'll try to assist:
How to renew a lease with a tenant without a realtor: Basically just take the current lease you have now between you and the tenant and update the new lease term and the new rent amount.
What are the advantages of doing a multi-year lease: Advantages to you... none.
Agustin, this should be pretty straight forward just draft a new lease update the dates and rent and send it to the Tenant for signing. You should offer the entire lease just updated preferable BUT can also just send the tenant an amendment/addendum which just extends the current lease to whatever date you both agree on. Regarding a 2 year lease, there is NO ADVANTAGE to you and in fact it is actually a disadvantage to you. Under any lease (any term from 1 month to 40 years) the Tenant can literally walk-away tomorrow and the only recourse you have is to hold on to the security deposit (and maybe not even that) because basically no judge will force a tenant to pay for a term they didn't use up BUT YOU, can not do anything until the term is up/tenant terminates, you can not increase rent, stop renting, etc. etc. and is also more difficult to remove a tenant until the term is expired. My advise is stick to month-to-month or at most 1 year and no longer. I hope this helps. Thanks Ricardo for all the info, I find that knowing that
Thanks Ricardo for all the info.I am new a a landlord and I learn as I go. I find that signing a 2 year lease has the advantage of knowing I will have the house securely rented and I will not incur in expenses preparing for a new tenant, vacant time, realtor fees etc. I don't see how this is NOT a PRO (+), as far as the cons (-) if the tenant is good, the only reason I see could potentially be bad is the fact that they have 2 years to "destroy" the house instead of one. Something that can be mitigated by adding something along the lines, "subject to inspection after one year" or similar, the same goes to the rent price..I could set the price for the first year and add something that leaves me in a position to increase the rent by X amount if etc....This is the type of tips I was looking for.
Regards
@Agustin Conti I don't think you are understanding me or perhaps I'm doing a bad job at communication. Agustin, a '2 year lease' means NOTHING, because it is no different than a 1 year or 40 year lease as far as the Tenant is concerned... the TENANT CAN MOVE OUT AT ANY TIME AND YOU HAVE NO RECOURSE OTHER THAN TO KEEP THE SD (MAYBE)... so why offer a 2 year lease?.... there is no added 'security' for you...it's an illusion.. because again, the Tenant can break lease anytime they want. What a 2+ year lease does do is LIMIT YOUR OPERATIONS, you can't do anything aside from the lease during that period and your options are extremely limited. In regards to mitigation by performing inspections... yes you are thinking along the correct path BUT again, is there any 'bite' to that? what are you going to do if they refuse inspections... go straight to eviction? .... you need to start thinking in regards of escalation of force and leverage.
- Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes3y
As a couple people have stated, there is no benefit to a multi-year lease. Frankly, there is not much benefit to a one year lease either. I have 9 tenants and all are on a month to month lease except one because I have to do it through a HOA. I have some of these tenants for more than 4 years and I assure all of them very bluntly "You are welcome to stay as long as you want. Just pay rent and don't create problems."
With regards to rent increases, I let them know 2 months ahead of time that I will be increasing the rent through a text message and then about 5 weeks before, have them sign to the rent increase and maintain all the existing terms. Over 8 years, I have had maybe 2-3 tenants move out over a rent increase. Regarding how much to raise the rent, that can vary on a lot of different factors
- Member since 2021 · 79 posts · 25 votes3yThanks Ricardo for the clarification of your point of view, but what do you mean with "bite" to that?. But I still see value in considering that option, if you have a good tenant and you have provisions to increase the rent after one year. This is all very useful information.
Quote from @Ricardo R.:
Quote from @Agustin Conti:
Quote from @Ricardo R.:
@Agustin Conti great to hear you are trying to take a go at it yourself. I'll try to assist:
How to renew a lease with a tenant without a realtor: Basically just take the current lease you have now between you and the tenant and update the new lease term and the new rent amount.
What are the advantages of doing a multi-year lease: Advantages to you... none.
Agustin, this should be pretty straight forward just draft a new lease update the dates and rent and send it to the Tenant for signing. You should offer the entire lease just updated preferable BUT can also just send the tenant an amendment/addendum which just extends the current lease to whatever date you both agree on. Regarding a 2 year lease, there is NO ADVANTAGE to you and in fact it is actually a disadvantage to you. Under any lease (any term from 1 month to 40 years) the Tenant can literally walk-away tomorrow and the only recourse you have is to hold on to the security deposit (and maybe not even that) because basically no judge will force a tenant to pay for a term they didn't use up BUT YOU, can not do anything until the term is up/tenant terminates, you can not increase rent, stop renting, etc. etc. and is also more difficult to remove a tenant until the term is expired. My advise is stick to month-to-month or at most 1 year and no longer. I hope this helps. Thanks Ricardo for all the info, I find that knowing that
Thanks Ricardo for all the info.I am new a a landlord and I learn as I go. I find that signing a 2 year lease has the advantage of knowing I will have the house securely rented and I will not incur in expenses preparing for a new tenant, vacant time, realtor fees etc. I don't see how this is NOT a PRO (+), as far as the cons (-) if the tenant is good, the only reason I see could potentially be bad is the fact that they have 2 years to "destroy" the house instead of one. Something that can be mitigated by adding something along the lines, "subject to inspection after one year" or similar, the same goes to the rent price..I could set the price for the first year and add something that leaves me in a position to increase the rent by X amount if etc....This is the type of tips I was looking for.
Regards
@Agustin Conti I don't think you are understanding me or perhaps I'm doing a bad job at communication. Agustin, a '2 year lease' means NOTHING, because it is no different than a 1 year or 40 year lease as far as the Tenant is concerned... the TENANT CAN MOVE OUT AT ANY TIME AND YOU HAVE NO RECOURSE OTHER THAN TO KEEP THE SD (MAYBE)... so why offer a 2 year lease?.... there is no added 'security' for you...it's an illusion.. because again, the Tenant can break lease anytime they want. What a 2+ year lease does do is LIMIT YOUR OPERATIONS, you can't do anything aside from the lease during that period and your options are extremely limited. In regards to mitigation by performing inspections... yes you are thinking along the correct path BUT again, is there any 'bite' to that? what are you going to do if they refuse inspections... go straight to eviction? .... you need to start thinking in regards of escalation of force and leverage.
- Member since 2021 · 79 posts · 25 votes3y
Quote from @Ray Hage:
As a couple people have stated, there is no benefit to a multi-year lease. Frankly, there is not much benefit to a one year lease either. I have 9 tenants and all are on a month to month lease except one because I have to do it through a HOA. I have some of these tenants for more than 4 years and I assure all of them very bluntly "You are welcome to stay as long as you want. Just pay rent and don't create problems."
With regards to rent increases, I let them know 2 months ahead of time that I will be increasing the rent through a text message and then about 5 weeks before, have them sign to the rent increase and maintain all the existing terms. Over 8 years, I have had maybe 2-3 tenants move out over a rent increase. Regarding how much to raise the rent, that can vary on a lot of different factors
Hi Ray, my current 1 year lease has an early termination fee equivalent to 2 months of rent in addition to the signed one year "commitment", what is more "beneficial" to you as landlord on a month to month basis? if you don't have this "coverage"
- Lender · Vancouver, WA · Member since 2015 · 482 posts · 316 votes3y
I think you should switch to month-to-month. People want leases because they have become fearful of crazy rent increases. Just treat your tenants how you want to be treated. Read the tenant law/code in your area. I.e. in my area, I have to give 60+ days for rent increases, but I usually give 90+ days. If they want to move they can move, not a big deal, but I don't tie down rent in a lease. But in my experience month-to-monthers stay years.
- 3yMichael SmytheBusiness MemberReal Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
All you need is a lease addendum stating that the original lease is being extended until <date> at <$rent> per month, then both you sign.
You can Google to find examples.
Logical Property Management4.9445 Reviews - Real Estate Agent · South Florida · Member since 2022 · 85 posts · 42 votes3y
I would recommend considering adding in to their responsibility for the property. For example "Any minor repairs or maintenance under $250.00 is the tenants responsibility." If it is a good tenant its still fine to raise rent but keep in mind the benefits of a good tenant. No evictions, they pay on time, take care of your property etc.. So by adding the small maintenance responsibility on them they will be more inclined to care for the AC, washer, dryer, fridge and water heater accordingly with basic maintenance. Cause what cuts into your profit more than anything will be repairs and damages.
- 3yTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
I've never used a realtor for a lease. The reality is any tenant can up and leave regardless of a lease. For the tenant one benefit is added security knowing they won't have to move. If the current lease works for you, just write out a new lease stating that the original lease is being extended for 2 years at $X for year 1 and $Y for year 2.
- Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes3y
Quote from @Agustin Conti:
Quote from @Ray Hage:
As a couple people have stated, there is no benefit to a multi-year lease. Frankly, there is not much benefit to a one year lease either. I have 9 tenants and all are on a month to month lease except one because I have to do it through a HOA. I have some of these tenants for more than 4 years and I assure all of them very bluntly "You are welcome to stay as long as you want. Just pay rent and don't create problems."
With regards to rent increases, I let them know 2 months ahead of time that I will be increasing the rent through a text message and then about 5 weeks before, have them sign to the rent increase and maintain all the existing terms. Over 8 years, I have had maybe 2-3 tenants move out over a rent increase. Regarding how much to raise the rent, that can vary on a lot of different factors
Hi Ray, my current 1 year lease has an early termination fee equivalent to 2 months of rent in addition to the signed one year "commitment", what is more "beneficial" to you as landlord on a month to month basis? if you don't have this "coverage"
Generally speaking it is hard to collect it. Let's say at some point, your tenant decides to just leave without telling you (for whatever reason), how are you going to collect? It is going to be tough to chase them down and get it. Do you really want to spend a lot of time an effort to collect that rent. I just haven't found it to be that useful.
I am more fearful of getting a bad tenant who still pays rent but does many other stupid things on the property and having to wait them out till the end of a lease. To be fair, in my market, the rental demand is very high. I am not sure I would use this strategy in a lower demand place.
- Member since 2021 · 79 posts · 25 votes3yHi Brett, I agree with you and I already have that exact amount ($250) as the threshold for minor repairs under the tenant responsibility.
Quote from @Brett Voorhees:
I would recommend considering adding in to their responsibility for the property. For example "Any minor repairs or maintenance under $250.00 is the tenants responsibility." If it is a good tenant its still fine to raise rent but keep in mind the benefits of a good tenant. No evictions, they pay on time, take care of your property etc.. So by adding the small maintenance responsibility on them they will be more inclined to care for the AC, washer, dryer, fridge and water heater accordingly with basic maintenance. Cause what cuts into your profit more than anything will be repairs and damages.
- Member since 2021 · 79 posts · 25 votes3yHi Ray, This is a worst case scenario that does not apply to me or my tenant.
Quote from @Ray Hage:
Quote from @Agustin Conti:
Quote from @Ray Hage:
As a couple people have stated, there is no benefit to a multi-year lease. Frankly, there is not much benefit to a one year lease either. I have 9 tenants and all are on a month to month lease except one because I have to do it through a HOA. I have some of these tenants for more than 4 years and I assure all of them very bluntly "You are welcome to stay as long as you want. Just pay rent and don't create problems."
With regards to rent increases, I let them know 2 months ahead of time that I will be increasing the rent through a text message and then about 5 weeks before, have them sign to the rent increase and maintain all the existing terms. Over 8 years, I have had maybe 2-3 tenants move out over a rent increase. Regarding how much to raise the rent, that can vary on a lot of different factors
Hi Ray, my current 1 year lease has an early termination fee equivalent to 2 months of rent in addition to the signed one year "commitment", what is more "beneficial" to you as landlord on a month to month basis? if you don't have this "coverage"
Generally speaking it is hard to collect it. Let's say at some point, your tenant decides to just leave without telling you (for whatever reason), how are you going to collect? It is going to be tough to chase them down and get it. Do you really want to spend a lot of time an effort to collect that rent. I just haven't found it to be that useful.
I am more fearful of getting a bad tenant who still pays rent but does many other stupid things on the property and having to wait them out till the end of a lease. To be fair, in my market, the rental demand is very high. I am not sure I would use this strategy in a lower demand place.
To everyone I still don't see (in my case) the benefit of a month to month, over a year. My time and mental space/health/peace are waaaay more important than thinking about tenants every month. thanks a lot for all the input everyone!!! - 3yNed J.Pro MemberInvestor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
There is ZERO benefit to you as the LL to have a multi year lease.... ZERO. You are delusional if you think that really locks a tenant into staying. If people want/have to leave they will, and the piece of paper you have stating they owe you $X is almost worthless from a practical standpoint. They are only legally on the hook for the months from when they leave to the time you rent it again..... and you have to show a strong effort to fill the unit again ASAP. And actually collecting that $$ is near impossible.
Don't be fooled by the warm fuzzy feeling a multi year lease give you. Its an illusion.
On the flip side it gives the tenant a TON of leverage..... if they start to be a problem, you are stuck. You options to change anything or get them out is way more limited
All of my units are MTM from day one.... I am upfront with my tenants.... I want long term tenants.....if you need to leave, thats ok, just give me notice..... if you are a PITA, I give you notice and terminate the lease2....so dont be a PITA and you are welcome to stay as long as you like.
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