 Tenant Lowering Rent (by Jay [IN]) Mar 6, 2018 10:28 AM
 Tenant Lowering Rent (by S i d [MO]) Mar 6, 2018 11:01 AM
Tenant Lowering Rent (by Mike45 [NV]) Mar 6, 2018 11:05 AM
Tenant Lowering Rent (by Deanna [TX]) Mar 6, 2018 11:14 AM
Tenant Lowering Rent (by Amy [MO]) Mar 6, 2018 1:27 PM
Tenant Lowering Rent (by plenty [MO]) Mar 6, 2018 1:43 PM
Tenant Lowering Rent (by Vee [OH]) Mar 6, 2018 2:02 PM
Tenant Lowering Rent (by Tom [FL]) Mar 6, 2018 5:37 PM
Tenant Lowering Rent (by Kyle [IN]) Mar 6, 2018 7:01 PM
Tenant Lowering Rent (by Cacique [NJ]) Mar 7, 2018 6:20 AM
Tenant Lowering Rent (by Lana [IN]) Mar 7, 2018 12:42 PM
Tenant Lowering Rent (by BRAD 20,000 [IN]) Mar 7, 2018 9:30 PM
Tenant Lowering Rent (by Don [PA]) Mar 7, 2018 10:52 PM
Tenant Lowering Rent (by Jay [IN]) Posted on: Mar 6, 2018 10:28 AM
Message:
State Specific Question About: INDIANA (IN)
I have a 50/50 Partnership and we are Landlords. I own another business 100% which is the tenant in a property owned me and my partner.
Me as the tenant wants to break the lease by lowering the monthly rent. How can any action be taken against me the tenant if I have to agree to do so with my Landlord partnership? --107.147.xxx.xxx |
Tenant Lowering Rent (by S i d [MO]) Posted on: Mar 6, 2018 11:01 AM
Message:
I'm a little confused...are you "breaking" the lease, or trying to renegotiate terms? Negotiation is always an option, even mid-term of a lease....as long as all parties are okay with it, write up a new lease and all is well.
Are you concerned if your partner will be upset that you're cutting into his pocket book? If yes, then have a sit down chat with him and "sell" him on your idea: or otherwise I think he as part owner of the building would have some standing to sue you for unilaterally changing the contract. Did he sign the contract and/or is he incorporated into the contract by being a 50% partner? --173.17.xx.xx |
Tenant Lowering Rent (by Mike45 [NV]) Posted on: Mar 6, 2018 11:05 AM
Message:
1. Your partnership can act against the Tenant without your agreement or participation. Each partner in a partnership can act alone on behalf of the partnership.
2. Your partner can sue you for your breach of fiduciary duties. You are clearly in a conflict of interests situation, and you would be violating you duties to the partnership.
I will not comment on your lack of ethics and morality. --71.38.xx.xxx |
Tenant Lowering Rent (by Deanna [TX]) Posted on: Mar 6, 2018 11:14 AM
Message:
So, you own a biz. Maybe it's a restaurant. Or a dry cleaner's. Or a garage. Or whatever. It's all yours.
And the biz is physically located in a structure that you jointly own with someone else.
Is the structure paid off? Or are y'all still both paying it off, and relying on rent from the biz to not only pay off the bill, but give yourselves a little extra? And I presume that whatever you're getting from yourself in rent is already getting plowed back into the biz... and it's not enough to keep the biz afloat?
I presume you've already spoken to your partner about the possibility of lowering rent? And your partner says something like, "The space is worth $x, so that's what it rents for, and that's what you agreed to, and I'm holding you to it?"
Looking at your partnership papers-- how do you buy out your partner? How do you let your partner buy you out?
It sounds like if you can't maintain the status quo, you need to either figure out what you need to do to maintain the biz, and sell off your ownership interest in the building in order to keep the biz afloat (which is a precarious thing); or you need to realize that your biz is in danger, and perhaps it would be more profitable for you in the long run for you to find a more solid tenant for the building, and relocate or dissolve your personal biz. --96.46.xxx.xx |
Tenant Lowering Rent (by Amy [MO]) Posted on: Mar 6, 2018 1:27 PM
Message:
What are your intentions besides reduced rent? Sounds like you would stick it to your business partner for 50% of the rent you don't want to pay.
Help find a renter and talk to your partner about walking away from the lease. Offer to pay him/her what is owed or risk the partnership. If you have to do this to get out of your lease, is there a communication issue?
This is not a nice thing to do, but then again, I'm sure there's more to this entire story. --136.32.xxx.xxx |
Tenant Lowering Rent (by plenty [MO]) Posted on: Mar 6, 2018 1:43 PM
Message:
No lunch for you. --99.203.xx.xxx |
Tenant Lowering Rent (by Vee [OH]) Posted on: Mar 6, 2018 2:02 PM
Message:
Dear sirs and madam, we do not accept partial payments - please remit the balance in 3 days to avoid legal action, which you might know the next verse of the song. --76.188.xxx.xx |
Tenant Lowering Rent (by Tom [FL]) Posted on: Mar 6, 2018 5:37 PM
Message:
It sounds like your partnership is NOT working out and you should either buy one or the other out or it may be time to place the building on the market and go your separate ways.
The LOVE is lost in the partnership now the divorce needs to proceed and go your own ways... --99.56.xx.xx |
Tenant Lowering Rent (by Kyle [IN]) Posted on: Mar 6, 2018 7:01 PM
Message:
I think your partner will figure out how to take legal action against you when they stop getting their rent checks. Whether it is against you as the tenant, or as their business partner, or both, you will end up in court if you stop paying them what you agreed to. If your business can't afford the rent, it needs to move or close. If you don't want to be in the real estate partnership, figure out how to end it either one of you buys out the other or you sell and split the gain. --73.102.xxx.xx |
Tenant Lowering Rent (by Cacique [NJ]) Posted on: Mar 7, 2018 6:20 AM
Message:
It is not breaking the lease but to renegotiate the lease terms, if you want to lower the rent of your business easy just lower your part of the rent on your 50% as a landlord, Your partner should still receive the full amount of his part but the repairs and cost still have to be 50/50 To be fair, Remember in business a good reputation is everything, hard to obtain very easy to loose. --173.61.xxx.xxx |
Tenant Lowering Rent (by Lana [IN]) Posted on: Mar 7, 2018 12:42 PM
Message:
I had a situation like this when I was in a partnership with 4 other physicians and they owned the building we all practiced in. The Medical practice was a Tenant of the building partnership. 5 members of the practice with 4 of them owning the building. One day they raised the rent from 9K per month to 16K without bothering to let me as a Tenant know. I found out when I read the monthly income/expense report. Fireworks ensued and I likely had a legal case that nobody would have won. --216.23.xxx.xx |
Tenant Lowering Rent (by BRAD 20,000 [IN]) Posted on: Mar 7, 2018 9:30 PM
Message:
Jay,
Everything is negotiable.
Talk to your partner.
Maybe alter the draw from the partnership.
Maybe your partner's wife wants him out.
Maybe he wants to buy a boat.
You won't know until you talk to him/her.
BRAD --68.51.xx.xxx |
Tenant Lowering Rent (by Don [PA]) Posted on: Mar 7, 2018 10:52 PM
Message:
You can no more decide to lower your rent than your partner could on his own decide to raise it. What is going to end up happening is that the partnership will fail, and if both of you cannot agree on a way to end it, one partner or the other will have to file a partition action in court. if the only asset is the one property, the judge will most likely order it sold and the proceeds divided. --73.141.xxx.xxx |
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