 Lease extension (by rani3182 [TX]) Mar 19, 2018 7:18 AM
 Lease extension (by Vee [OH]) Mar 19, 2018 7:30 AM
Lease extension (by AllyM [NJ]) Mar 19, 2018 9:32 AM
Lease extension (by Lynda [TX]) Mar 19, 2018 10:20 AM
Lease extension (by Oregon Woodsmoke [ID]) Mar 19, 2018 11:02 AM
Lease extension (by rani3182 [TX]) Mar 19, 2018 11:42 AM
Lease extension (by Pmh [TX]) Mar 19, 2018 3:07 PM
Lease extension (by Sisco [MO]) Mar 19, 2018 4:03 PM
Lease extension (by BRAD 20,000 [IN]) Mar 20, 2018 9:56 PM
Lease extension (by rani3182 [TX]) Posted on: Mar 19, 2018 7:18 AM
Message:
Looking for advise - i know the business answer...
I offered up my rental to harvey effected individuals...with only a 100 premium for a short term rental with clauses and vetting. (A lot of good people were affected as everyone knows). I had a late September vacancy figured if i can offer someone 3 months in until someone gets their HOME fixed, I will be happy and take the 1 month business loss and better timing for tenant pool post christmas.
Now I am in a bind... as they want a longer lease that puts me back in the same place....
A sweet couple in their 70's...lost their home they owned for 42 years. they wanted the 3 month lease...they were to remediate remodel and move in....well over the course of proper remediation more damage was discovered so the 3 months turned into 8..I was ok with that as it still put me end of summer and time to find a proper longer term tenant. I didnt charge extra just extended lease. Now they need another 4 months, which puts me back in the same boat. I cant do that again and have another vacancy in october.... the heart and mind are not on the same page on this one.....heart says where else will they go...? its only 4 more months...but
-now the mind is stating - i will be dealing with a worse tenant pool as those who found 1 yr leases with harvey in the tenant pool probably destroyed the house and are looking for a new house to destroy...etc etc...
-Families only move in the summer before school starts
-i need to find a long term tenant not the yearly types...cant afford turnover every year....
I am going over to have a verbal talk with them about the business sense in this....but i need the home back in the summer unless i get a true premium for 3 months of vacancy...(Oct/nov/december)
but they are 70, retired, kids all live and work out of state.
is it my problem? --168.88.xxx.xxx |
Lease extension (by Vee [OH]) Posted on: Mar 19, 2018 7:30 AM
Message:
You need to put this into perspective from the problem you quoted --> -i need to find a long term tenant not the yearly types...cant afford turnover every year....
This is where you solve the problem not only 1 tenant, so my advice is study the market for this property and raise the rent for today on everyone, then for short term go with the additional 12-15 percent, hint - shop extended stay hotel costs, tell them you want to do a 12 month lease at the new rate or a short term 15 percent above the new rent cost, maybe they only adding a little above the insurance payout - you don't need or want to know but the rates are going up in 45 days. Then stop talking, let yourself out to go to another appointment, if they do not call the next day call to get their story and ask how much they want to pay to stay (what length time?)/?... --76.188.xxx.xx |
Lease extension (by AllyM [NJ]) Posted on: Mar 19, 2018 9:32 AM
Message:
You did a reasonable and kind thing. There is always the chance that the repairs will be even longer and you may even get another person with the same Harvey issues. Don't throw away money that is a sure thing. YOu could kick them out and find no one that you want. Go with the flow. It will work out for you. --69.141.xxx.xxx |
Lease extension (by Lynda [TX]) Posted on: Mar 19, 2018 10:20 AM
Message:
Rani, you gave me some good advice couple years ago, let me return the favor. Keep the couple you have that are paying. Try to get a little extra if you can. You currently have a good situation, but you are TOO worried about the Oct time frame. Houston is still warm in Oct just like San Antonio, and there is always someone wanting to rent. You are worried about turnover, yet you are welcoming one in the summer that doesn't have to happen. Why not let sleeping dogs lay? Your current tenants may find they need even MORE time because their house is not finished enough to live in. Or there may be another family in Oct TIRED of extended stay hotels who would love to live in areal house. 5-6 months takes you into next spring. Deal with that vacancy IF/when it happens. Don't OVER-stress on something that hasn't happened yet. --108.87.xx.xxx |
Lease extension (by Oregon Woodsmoke [ID]) Posted on: Mar 19, 2018 11:02 AM
Message:
Tell them that you can only extend the lease until June. That gives them time to prepare something else.
They might be willing to sign a one year lease right now, but every landlord knows that a one year lease will not keep people in place once they decide to move. When their house is ready, they will leave.
Dont expect any gratitude. They will take care of their own lives and not worry about any inconvenience to you. --174.216.xx.xxx |
Lease extension (by rani3182 [TX]) Posted on: Mar 19, 2018 11:42 AM
Message:
all thanks for inputs... i am listening.
I am still torn - Agree their new date of sept could turn into October and then nov or december ...I am a small time landlord so the vacancy does matter ...and i had a house sit empty for 3 months over winter so just having flashbacks of having to check up on the house and maintenance etc. I sub out a lot of the work with what I have on my plate...
--168.88.xxx.xxx |
Lease extension (by Pmh [TX]) Posted on: Mar 19, 2018 3:07 PM
Message:
their personal circumstances are not your LL problem. offer one year lease and if they don’t sign then give them notice, we are not in the welfare business. --97.94.xxx.xx |
Lease extension (by Sisco [MO]) Posted on: Mar 19, 2018 4:03 PM
Message:
Rani, your tenants are not going to move for 4 months if you were to raise rent by$500 or more per month.
Raise the rent enough to cover for your missed opportunity cost of having an occupied house during the summer. --72.172.xxx.xx |
Lease extension (by BRAD 20,000 [IN]) Posted on: Mar 20, 2018 9:56 PM
Message:
Rani,
We rent homes every month of the year. Don’t be afraid of winter. People still rent homes, esp in your local area due to flooding. After our flood I’d guess it was 2 years before renting started to settled down, getting back to normal. People were still shuffing around, having first moved in with family then finding a rental a year later.
I also observed that restoring homes took a year or 2 because all the contractors were busy.
If I understand correctly you are bringing in an extra $1200 on this lease so I’d keep them as long as possible!
BRAD --68.51.xx.xxx |
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