All Forum Posts by: Kenneth Tuan

Hello all,

I am currently leasing a condo to 3 tenants. The lease is scheduled to end 7/31/21. Two tenants are renewing the lease and there will be a new tenant moving in as the third occupant. Rent is currently paid through the end of the lease term. The new tenant would like to move in one week before the end of the current lease term. One of the previous tenants has already moved out.

My question:

As the landlord, can I simply let the new tenant move in before the current lease ends, or do I need to have a separate contract or addendum to the new lease to indicate that the new tenant is moving in early? I am planning on having all tenants sign a new lease starting 8/1/21.

What would the risk be (if any) if I did not do anything and simply let the new tenant move in?

Thank you for the reply Brie. Do all roommates sign the lease then, along with their co-signers?

Hello everyone, I am new to the Bigger Pockets community and am planning on renting out a 3 bedroom condo in the Chicago area (my first!). It will likely be to students so my question is this: 

How do you set up a lease agreement with multiple tenants? Do you write one lease and have one person sign along with a co-signer? Or do you write a separate lease for each tenant? Obviously the risk with the latter would be if a tenant moves out, then would the landlord take initiative in filling the empty room or would they leave it to the remaining tenants to find another tenant? 

Any help would be appreciated!