All Forum Posts by: Peter M.

@Jim Cummings Good to know and I do of course start looking immediately. But who/what regulation makes it a requirement?

I charge a lease break fee and explain to them that they are responsible for the lease until a new tenant is placed. I will prorate back any money paid when the new lease starts. The lease break fee will save your reserves when they don't pay after they move out. Getting possession back and getting it re-rented is the most important thing. Once they are gone, if they don't pay you can take them to small claims court but it usually is not worth the effort. 

How long has this been on the market? Seems like the most likely scenario is that he already has a buyer lined up and no matter what you do it might as well already be sold. 

I like Landlord on Autopilot by Mike Butler. It is made for DIY landlords but would give you an idea of what you need. Most states require you to be licensed (which you are) but your broker would also have to allow you to do it and yes you would need additional insurance. Honestly it is a pretty thankless job with tight margins which is why it is hard to find good ones. But people make money by doing the jobs nobody else wants to do. You just really have to decide if it is right for you.

I have done this  in the past but also require a lease break fee in addition to them being responsible for all rent until their lease expires. If I get somebody moved in before their lease would have expired I prorate it back to them. I also have verbiage that states the new lease must be at least equal or better than the rate they were paying.  And yes you can just type it up and both sign it. Below is an excerpt from my lease. I have a separate document that goes into more detail but this is the basics.

(1) Tenant may not assign this lease or sublet the Unit without Landlord’s written consent. This includes AirBnB, VRBO, and other similar house sharing/swapping services.

(2) If Tenant requests an early termination of this lease under this Paragraph 28B, Tenant may attempt to find a replacement tenant and may request Landlord to do the same. Landlord may, but is not obligated to, attempt to find a replacement tenant under this paragraph.

(3) Any assignee, subtenant, or replacement tenant must, in Landlord’s discretion, be acceptable as a tenant and must sign a new lease with terms not less favorable to Landlord than this lease or otherwise acceptable to Landlord;

(4) If Tenant requests termination of this lease agreement early, notice of no less than 60 days must be given to Landlord. Landlord is not required to accept the request.

(4) At the time Landlord agrees to permit an assignee, subtenant, or replacement tenant to occupy the Unit,

Tenant will pay Landlord:

(a) $ ______________  lease cancellation fee; and

(b) any prorated rent prior to the new lease Commencement date.

(5) Tenant agrees to vacate the unit more than 7 days prior to the new lease Commencement date and further agrees to move out as per all conditions set forth in this lease.

(6) Unless expressly stated otherwise in an assignment or sublease, Tenant will not be released from Tenant's obligations under this lease because of an assignment or sublease. An assignment of this lease or a sublease of this lease without Landlord's written consent is voidable by Landlord.

@Tom R. Did you call them back to investigate further? I do agree it sounds like a scam especially if they use the words "too good to be true" but what's the harm in seeing if they are legit like some of the people have mentioned on this thread? I mean they already have your phone number so why not try on the 1% chance it is true and they have amazing service?

What does the lease say about moving out early? You could try to do an agreement with them, it doesn't have to be fancy just type out what you will both do and then sign it. Most of the time though these types of agreements do not work out and you end up losing more money when it is all said and done. 

The most important thing is you get possession back. You can try and take them to small claims court later if you feel like it (its not worth it) but if they move out on their own volition and don't damage the place that is usually the best you can hope for. If she won't pay the extra money just explain to her that as long as she gets out when she says she will and leaves it broom clean, you won't take her to court and ruin her credit. Its like cash for keys without the cash since you are already losing money.  

I'll second what Mike said. But no you don't need an adverse action letter. Just send them an email saying another applicant has been selected. I don't collect application fees because of this. They pay for their own credit check through smartmove. 

How many do you have? If you have PM software there are usually tools for this. Otherwise just send a BCC email to all of them with the window of when you will do the work. Don't give them a choice. Just say when you will be there and if your can't access the property they are charged a trip fee.

I think it is impressive you managed to anger Donald Trump and got him to write a comment about you. But in all seriousness I am with @Dennis M. on this. I don't particularly care. It is one thing to have tenants screaming in your face while getting evicted but a comment online? I try not to sweat the small stuff.