 year lease or mo. to mont (by rita [FL]) Aug 22, 2017 1:35 PM
 year lease or mo. to mont (by David [MI]) Aug 22, 2017 1:36 PM
year lease or mo. to mont (by WMH [NC]) Aug 22, 2017 3:19 PM
year lease or mo. to mont (by Vee [OH]) Aug 22, 2017 3:21 PM
year lease or mo. to mont (by Julie [KS]) Aug 22, 2017 6:11 PM
year lease or mo. to mont (by Robert J [CA]) Aug 22, 2017 9:18 PM
year lease or mo. to mont (by BRAD 20,000 [IN]) Aug 22, 2017 10:09 PM
year lease or mo. to mont (by BRAD 20,000 [IN]) Aug 22, 2017 10:09 PM
year lease or mo. to mont (by S i d [MO]) Aug 23, 2017 6:41 AM
year lease or mo. to mont (by Shaun [FL]) Aug 23, 2017 9:41 AM
year lease or mo. to mont (by RentsDue [MA]) Aug 23, 2017 10:38 AM
year lease or mo. to mont (by oregonwoodsmoke [OR]) Aug 24, 2017 7:28 AM
year lease or mo. to mont (by rita [FL]) Posted on: Aug 22, 2017 1:35 PM
Message:
Hi
Isn't it better to have a mo to mo lease than a yearly lease in case you have to evict tenant? LL I know doesn't even give out leases just has rent collected by a designated person, and then T gets receipt. His SFH is in semi hood though --76.110.xxx.xx |
year lease or mo. to mont (by David [MI]) Posted on: Aug 22, 2017 1:36 PM
Message:
You can evict a tenant according to your lease , regardless if it is year or m2m.
m2m lets you give notice any time but the downside is that so too can the tenant. My market is terrible in winter so I don't do m2m . --12.156.xxx.xx |
year lease or mo. to mont (by WMH [NC]) Posted on: Aug 22, 2017 3:19 PM
Message:
Exactly David/MI. NO m2m --173.22.xx.xx |
year lease or mo. to mont (by Vee [OH]) Posted on: Aug 22, 2017 3:21 PM
Message:
The owner/manager determines this after a understanding of the state/local tenant rules, but having them in for 6 months with a stated conversion cost for month-2-month is common, they may just do another 6 months? But in the northern climates we like to have warmth so the pipes don't bust or stop flowing. --76.188.xxx.xx |
year lease or mo. to mont (by Julie [KS]) Posted on: Aug 22, 2017 6:11 PM
Message:
I have done MTM exactly twice in my almost 15 years in the LL biz. Both moved in & moved out within 60 days of moving in. Top of the line property with above average upgrades on new rehabs.
Therefore, I NEVER do MTM. I don't even renew on a MTM basis. I know my market. If a house full of college kids scoot at Christmas on a 4 bedroom house I will not re-rent until June 1. They can still scoot on a term lease but they are contractually on the hook. --63.245.xxx.xxx |
year lease or mo. to mont (by Robert J [CA]) Posted on: Aug 22, 2017 9:18 PM
Message:
Here in Los Angeles with my 100 plus apartments, upon a turn-over of an "average tenant with family/roommates" the cost to replace and or clean carpet, blinds, vinyl, paint and appliances can run around $3,000. SO why in the world would I allow a tenant to leave with only a 30 day notice with a month to month insane lease?
Instead I have a minimum 1 years lease that converts after a year to a month-to-month allowing a tenant to move as they please -- making them want to stay even longer, like 4 to 7 years on average. Now that $3000 turn-over cost is costing me around $40 a month or costing me 3% of the monthly rent.....All I have to do is bank 10% of each months rent and I have a reserve to do anything necessARY... --47.156.xx.xx |
year lease or mo. to mont (by BRAD 20,000 [IN]) Posted on: Aug 22, 2017 10:09 PM
Message:
Rita,
Your friend needs a written lease. Without it he/she has very few rights, only the rights written into the state law...which is probably slanted tonfavor the res!
I chuckle inside when LLs brag about not needing a lease because later they complain about the court giving the res every advantage.
I use yearly to reduce turnover because it destroys profit.
My lease auto renews with a 2.9% Cost of Living increase.
I also make THOUSAND$$$ every year on Early Release Fees. (Paid for my Porsche in one year)
We screen carefully so I'm not worried about booting out a crummy res.
BRAD --70.198.xxx.xxx |
year lease or mo. to mont (by BRAD 20,000 [IN]) Posted on: Aug 22, 2017 10:09 PM
Message:
Rita,
Your friend needs a written lease. Without it he/she has very few rights, only the rights written into the state law...which is probably slanted tonfavor the res!
I chuckle inside when LLs brag about not needing a lease because later they complain about the court giving the res every advantage.
I use yearly to reduce turnover because it destroys profit.
My lease auto renews with a 2.9% Cost of Living increase.
I also make THOUSAND$$$ every year on Early Release Fees. (Paid for my Porsche in one year)
We screen carefully so I'm not worried about booting out a crummy res.
BRAD --70.198.xxx.xxx |
year lease or mo. to mont (by S i d [MO]) Posted on: Aug 23, 2017 6:41 AM
Message:
Lots of wise advice here, Brad 20K's in particular, about why a written year lease is needed.
Some folks think Month 2 Month allows them any greater rights to get a bad tenant out. Think of this: the tenant is ALREADY BAD...why will they move out when you ask? They won't. You'll end up evicting them once they ignore your notice of non-renewal. Bad tenants don't follow the agreement whether it's a lease or M2M.
The advantage of a lease is I have more rights reserved to me as well as the opportunity to collect an early lease termination fee. You forfeit this right along with many other rights under a M2M.
If a land lord uses the reasoning that they need to kick folks out by non-renewing M2M agreement...it's not a LEASE problem they are having; rather, it's a SCREENING/MANAGEMENT problem.
--173.19.xx.xxx |
year lease or mo. to mont (by Shaun [FL]) Posted on: Aug 23, 2017 9:41 AM
Message:
Rita,
Remember in FL if a lease is less than 6 months, you have to pay a state tax on the income (hotel / vacation) tax. If you have a tenant that you are unsure about, write a 6-7month lease that automatically goes into M2M. If I have a tenant go "bad/sour" on me it is usually after 4-5 months. JMHO. --205.223.xxx.xx |
year lease or mo. to mont (by RentsDue [MA]) Posted on: Aug 23, 2017 10:38 AM
Message:
There isn't one correct answer for everyone. It depends on your state laws, your local housing courts, your tenant base , your housing market and your tolerance level. I am in extremely tenant friendly MA. Without a MTM, the " happy clause" is an empty threat and a PITA with a year lease could drive me bat s**t crazy as long as they didn't give me undeniable proof that they violated the lease. All my rentals are no pets and no smoking. The burden of proof for both of those isn't easy and most likely a judge wouldn't evict over it anyway. By the time the year lease is up the smell would be an issue. If you rent to pets or smokers then I guess it is less of an issue. With a MTM, I also have the luxury of raising the rent when appropriate, not just at lease renewal. A lot of my tenants are military, year lease is worthless if they get orders to move. --66.189.xx.xxx |
year lease or mo. to mont (by oregonwoodsmoke [OR]) Posted on: Aug 24, 2017 7:28 AM
Message:
I only do month to month so I can get bad tenants out. I'd rather have a vacancy in the winter than to put up with a crazy, filthy, destructive, or belligerent tenant for an entire year. (or the popular pit bull smuggler)
Oregon law limits what damages can be collected for a broken lease, and it isn't much. It's not like I could collect on the remaining months of the lease. Basically, if the tenant wants to move, they move. They can get out any time they want, but with a lease I am bound by the lease and can't get them out.
It doesn't matter how carefully you screen, a bad one gets in every now and again. Even the F B I with all of their resources and money has a bad one slip through their screening and I don't have nearly the resources they have. If I let a bad one in, I want to be able to get rid of them. Or is a good tenant turns bad, which happens occasionally, I want them out now and not next July. --72.35.xxx.xx |
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