 Right if First Refusal (by B.B. [LA]) Jul 3, 2022 11:02 AM
 Right if First Refusal (by Ken [NY]) Jul 3, 2022 12:08 PM
Right if First Refusal (by WmH [NC]) Jul 3, 2022 1:18 PM
Right if First Refusal (by B.B. [OH]) Jul 3, 2022 1:21 PM
Right if First Refusal (by RB [TN]) Jul 3, 2022 1:40 PM
Right if First Refusal (by B.B. [OH]) Jul 3, 2022 1:48 PM
Right if First Refusal (by Dodge [PA]) Jul 3, 2022 2:59 PM
Right if First Refusal (by Frank [NJ]) Jul 3, 2022 3:02 PM
Right if First Refusal (by B.B. [OH]) Jul 3, 2022 3:49 PM
Right if First Refusal (by GKARL [PA]) Jul 3, 2022 5:35 PM
Right if First Refusal (by MAP [NY]) Jul 3, 2022 7:24 PM
Right if First Refusal (by plenty [MO]) Jul 4, 2022 7:21 AM
Right if First Refusal (by B.B. [OH]) Jul 4, 2022 8:34 AM
Right if First Refusal (by plenty [MO]) Jul 4, 2022 8:55 AM
Right if First Refusal (by Oregon Woodsmoke [ID]) Jul 4, 2022 10:11 AM
Right if First Refusal (by Oregon Woodsmoke [ID]) Jul 4, 2022 10:15 AM
Right if First Refusal (by B.B. [OH]) Jul 4, 2022 11:59 AM
Right if First Refusal (by Robin [WI]) Jul 5, 2022 8:26 AM
Right if First Refusal (by Ray-N-Pa [PA]) Jul 5, 2022 9:21 AM
Right if First Refusal (by mike [CA]) Jul 8, 2022 10:58 AM
Right if First Refusal (by B.B. [LA]) Posted on: Jul 3, 2022 11:02 AM
Message:
I recently bought a duplex in New Orleans. One half is rented to long term tenants, and the other half currently has a short-term lease that expires in 2 months. I have an offer from a prospective tenant to sign a lease for that property for 6 months with a right of first refusal for another 6 months. Right of first refusal is something I’ve never dealt with. Is this something that will benefit the tenant more than it benefits me? What sort of clauses would I need to add into my lease if I decided to do it? Would I be better off looking for a different tenant? --74.215.xxx.xx |
Right if First Refusal (by Ken [NY]) Posted on: Jul 3, 2022 12:08 PM
Message:
A prospective tenant asked for a right of first refusal on a lease? go find someone else,i dont like the idea of a tenant thinking they can change the terms of my lease,they will be a PITA. --74.77.xx.xx |
Right if First Refusal (by WmH [NC]) Posted on: Jul 3, 2022 1:18 PM
Message:
They are only able to commit for six months, and want to string you along for the remainder of the year?
Right of First Refusal is for purchase (and is still stupid because it commits the Seller not the Buyer) not lease. --50.82.xxx.xxx |
Right if First Refusal (by B.B. [OH]) Posted on: Jul 3, 2022 1:21 PM
Message:
The way I understand it, a Right of First Refusal does not change the terms of a lease. It means that if at the end of the initial 6 months I decide to lease to someone else (at any price I choose), I must first give the existing tenant the option to lease at that same price before signing with the new tenant. At least, that’s what I think it means, lol. --74.215.xxx.xx |
Right if First Refusal (by RB [TN]) Posted on: Jul 3, 2022 1:40 PM
Message:
Someone is trying to baffle ya
with their brilliance. --24.183.xxx.xxx |
Right if First Refusal (by B.B. [OH]) Posted on: Jul 3, 2022 1:48 PM
Message:
Yeah I think you’re right. I already turned him down. Next thing he’d be asking me for is a full-time housekeeper and chef. --74.215.xxx.xx |
Right if First Refusal (by Dodge [PA]) Posted on: Jul 3, 2022 2:59 PM
Message:
Did you ask for more info?
Maybe he was on a 6 month work contract that may extend another 6 months?
--174.59.xxx.xxx |
Right if First Refusal (by Frank [NJ]) Posted on: Jul 3, 2022 3:02 PM
Message:
YOU have the right to refuse. --174.206.xxx.xxx |
Right if First Refusal (by B.B. [OH]) Posted on: Jul 3, 2022 3:49 PM
Message:
Yes, I do. And I did. --74.215.xxx.xx |
Right if First Refusal (by GKARL [PA]) Posted on: Jul 3, 2022 5:35 PM
Message:
Unnecessary IMO. You simply renew or nonrenew in 6 months. If he's decent, no need to get rid of him and if not, can him. --209.122.xx.xxx |
Right if First Refusal (by MAP [NY]) Posted on: Jul 3, 2022 7:24 PM
Message:
Right of First Refusal always benefits the person requesting it. Same thing in child custody cases. --72.231.xxx.xx |
Right if First Refusal (by plenty [MO]) Posted on: Jul 4, 2022 7:21 AM
Message:
In rental. Would this be called something else. Like renew the lease for 6 months? Or sign a year's lease with early termination fee. The words don't seem right for a rental situation. Guess cause the LL is not in control.? --172.56.xx.xx |
Right if First Refusal (by B.B. [OH]) Posted on: Jul 4, 2022 8:34 AM
Message:
I had to do some digging. Apparently, Right of First Refusal is not as common with leasing as it is with real estate purchasing, but it does occur. I think this guy just wanted a reduction in rent from what I had stated in my ad. The property goes for $2400 per month for a 12 month lease and higher for 3 and 6 month leases. He wanted a 6 month lease at the 12 month price and asked for a Right of First Refusal to make me think he’d be staying another 6 months when I doubt that he had any intention of doing so. Yeah, this guy would’ve been a PITA. At any rate, now I know to never consider such a thing in the future. --74.215.xxx.xx |
Right if First Refusal (by plenty [MO]) Posted on: Jul 4, 2022 8:55 AM
Message:
Seems you figure him out. And I bet you are correct in your assumption. Thanks for sharing your story. Helpful in being prepared for such "opportunities" in my area. Keep posting here and reading! Always something to learn. --172.56.xx.xxx |
Right if First Refusal (by Oregon Woodsmoke [ID]) Posted on: Jul 4, 2022 10:11 AM
Message:
They want to secure the rental for 12 months but want to leave at 6 months without penalty if they decide to leave.
Might work for you, might not. Possibly you can raise rent at 6 months if they want to stay. If you don't like them and want them out, you are stuck for 12 months, which you would be anyway with a 12 month lease.
A six month lease that starts 2 months from now gets them there until February. Is that a good time of year to find tenants where your rental is located? February is the worst month for moving up here in the far north and I would not have a lease ending in February, but it might be different down there in the south. --76.178.xxx.xxx |
Right if First Refusal (by Oregon Woodsmoke [ID]) Posted on: Jul 4, 2022 10:15 AM
Message:
Other options, you can always offer the six months at the higher rate and the following six month at the one year rate.
If you don't want a vacancy in February, you can offer an eight month lease instead of six.
He wants to negotiate, you can negotiate. You don't have to accept what a tenant offers.
Or, you can just reject his offer and wait for someone else to come along. Myself, I'd at least start the screening to see how desirable he would be as a tenant. If he is a scam artist, that should show up in the screening, if you are even slightly competent about your screening. --76.178.xxx.xxx |
Right if First Refusal (by B.B. [OH]) Posted on: Jul 4, 2022 11:59 AM
Message:
I already decided to find another tenant. I tried negotiating with him but he kept making more demands. Didn’t like his attitude. I’ve had exactly one eviction in ten years so I’d consider myself at least slightly competent at screening but this guy never even made it that far. Also, February is when Mardi Gras happens in NOLA so finding a tenant then (at least a short-term tenant; the house is on the parade route) will be no problem. --74.215.xxx.xx |
Right if First Refusal (by Robin [WI]) Posted on: Jul 5, 2022 8:26 AM
Message:
I'm getting to the point in my life where I don't have to put up with garbage. A prospect who starts negotiating terms and making special requests before they've even been offered the place is someone who is going to make my life difficult. I'd rather wait for someone who is pleasant to deal with. --172.58.xxx.xxx |
Right if First Refusal (by Ray-N-Pa [PA]) Posted on: Jul 5, 2022 9:21 AM
Message:
A tenant always has a right to turn down the terms of a lease.......they just stop paying. If at the end a six month period you elect to raise rents by $500, the tenant always has the right to say no
Are you sure they are requesting a right to renew the lease at the end of six months. Just the same, if you want just a six month lease, it is going to cost you up in Pa. I would be charging at least 10-20% higher rate for a six month lease over a year rate.
--24.101.xxx.xxx |
Right if First Refusal (by mike [CA]) Posted on: Jul 8, 2022 10:58 AM
Message:
No. if they're desirable you will let them know that by offering to let them stay or allowing them to stay on the prior terms. a lease of ANY length is what the lawyers call an Estate. that means an ownership interest. why would you grant that for a mere promise from a tenant? i'm with Robin, I'm simply unwilling to have demands made of me by strangers --75.80.xx.xx |
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