 Due Diligence (by Patrick [VA]) Dec 4, 2017 2:47 PM
 Due Diligence (by Ken [NY]) Dec 4, 2017 3:13 PM
Due Diligence (by Pat [VA]) Dec 4, 2017 4:34 PM
Due Diligence (by S i d [MO]) Dec 4, 2017 4:48 PM
Due Diligence (by plenty [MO]) Dec 4, 2017 5:35 PM
Due Diligence (by Moshe [CA]) Dec 4, 2017 8:39 PM
Due Diligence (by Moshe [CA]) Dec 4, 2017 8:40 PM
Due Diligence (by BRAD 20,000 [IN]) Dec 4, 2017 10:00 PM
Due Diligence (by NC INVESTOR [NC]) Dec 5, 2017 1:27 PM
Due Diligence (by Patrick [VA]) Dec 5, 2017 1:35 PM
Due Diligence (by Vee [OH]) Dec 5, 2017 6:14 PM
Due Diligence (by Patrick [VA]) Posted on: Dec 4, 2017 2:47 PM
Message:
So I evicted a guy 9 months into a 2 year lease for failure to pay rent. He got the 5 day notice to quit and left. My lease with him was at 1300 per month. He still has 15 months left on his lease.
I know I am supposed to use due diligence to get a new renter in as soon as possible. If the new renter comes in at only 1200 per month, is the previous renter on the hook for the shortage?
It really looks like a gray issue to me. at 1300 per month for two months vacant is 2600 to the original renter. If I bring another renter in at 100 cheaper, than with 15 months remaining, the original renter is only out a total of 1500 and not 2600 for two months empty. --100.4.xx.xx |
Due Diligence (by Ken [NY]) Posted on: Dec 4, 2017 3:13 PM
Message:
You gave him an eviction notice for not paying rent,that broke the lease,he owes you nothing going forward --72.231.xxx.xxx |
Due Diligence (by Pat [VA]) Posted on: Dec 4, 2017 4:34 PM
Message:
Consider yourself lucky. Wait until you have one that won't leave after you serve them with the 5 day pay or quit notice. Or pay you. That is what I am dealing with right now. Nothing else to do but start eviction proceedings but that takes lots of time. Try to re-rent, cut your losses. --71.51.xxx.xxx |
Due Diligence (by S i d [MO]) Posted on: Dec 4, 2017 4:48 PM
Message:
Eviction terminates a lease. He owes you nothing beyond what was owed as of the date the lease was terminated. --173.19.xx.xxx |
Due Diligence (by plenty [MO]) Posted on: Dec 4, 2017 5:35 PM
Message:
For what purpose are you doing this math? Did u rerent the house or just speculating possibilities? --99.203.xx.xxx |
Due Diligence (by Moshe [CA]) Posted on: Dec 4, 2017 8:39 PM
Message:
Check your state law.
For example, CA specifies that "In the event that LESSEE breaches the lease and abandons the property before the end of the term, or if LESSEE’s right to possession is terminated by LESSOR because of a breach of the lease, LESSOR may recover the amounts set forth in §1951.2 of the Civil Code, including the worth at the time of judgment or award of the amount by which the unpaid rent for the balance of the term, after the time of the award, exceeds the amount of such rental loss for the same period that LESSEE proves could be reasonably
Such specification is a result of CA having converted its legal treatment of leases to matter of contract law rather than real property law. Under contract law, the contract breaker is responsible for all loss under the contract caused by the default.
--47.139.xx.xxx |
Due Diligence (by Moshe [CA]) Posted on: Dec 4, 2017 8:40 PM
Message:
OOPS.
that should be:
... exceeds the amount of such rental loss for the same period that LESSEE proves could be reasonably avoided.
--47.139.xx.xxx |
Due Diligence (by BRAD 20,000 [IN]) Posted on: Dec 4, 2017 10:00 PM
Message:
Patrick,
If I may help...
Due Diligence is when you are examining something such as the books, zoning, inspection, etc to purchase a property.
Mitigate damages or loss is to do what's necessary to re-rent quickly (clean up, advertise, showings...)
And now you are smarter!
BRAD --68.51.xx.xxx |
Due Diligence (by NC INVESTOR [NC]) Posted on: Dec 5, 2017 1:27 PM
Message:
Our lease stipulates that we can terminate their right to possession without terminating the lease. We've evicted tenants from the property but the lease was still enforced until we were able to rent it to someone else. After it was rented we amended our money judgement to include past due rent, lost rent, costs to re-rent, repairs and court costs and legal fees.
It depends on your local laws and on your lease. --71.75.xx.xx |
Due Diligence (by Patrick [VA]) Posted on: Dec 5, 2017 1:35 PM
Message:
NC Investor...I think that is the type of lease I have, but if not, I want to add that clause. Could you post it?
Thanks for any help --70.184.xxx.xxx |
Due Diligence (by Vee [OH]) Posted on: Dec 5, 2017 6:14 PM
Message:
My area the lease remains active until expiration or replacement meaning they are on the hook for the unpaid remainder, they are not allowed to keep possession of the property after the setout but until rerented the rent runs along, court often stops this at 3 months. --76.188.xxx.xx |
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