 Extending Lease (by turbo [IL]) Aug 18, 2018 5:59 PM
 Extending Lease (by Johnny B. [MA]) Aug 18, 2018 6:06 PM
Extending Lease (by Robert J [CA]) Aug 18, 2018 8:05 PM
Extending Lease (by turbo [IL]) Aug 18, 2018 9:09 PM
Extending Lease (by JR [ME]) Aug 19, 2018 5:18 AM
Extending Lease (by Ken [NY]) Aug 19, 2018 5:47 AM
Extending Lease (by plenty [MO]) Aug 19, 2018 6:39 AM
Extending Lease (by WMH [NC]) Aug 19, 2018 6:52 AM
Extending Lease (by Oregon Woodsmoke [ID]) Aug 19, 2018 7:24 AM
Extending Lease (by Doris [OH]) Aug 19, 2018 4:30 PM
Extending Lease (by BRAD 20,000 [IN]) Aug 19, 2018 10:40 PM
Extending Lease (by turbo [IL]) Posted on: Aug 18, 2018 5:59 PM
Message:
State Specific Question About: ILLINOIS (IL)
We are going to be putting our 4 plex and 3 duplexes up for sale next year. I have long term renters in some, plus senior tenants. I want to protect them to be able to stay in their homes when we sell for at least a year after we have listed it. Is there an addendum I need to add to their leases to cause this to happen. Some of the leases have just been rolling over every year some are newer yearly leases. --98.212.xxx.xx |
Extending Lease (by Johnny B. [MA]) Posted on: Aug 18, 2018 6:06 PM
Message:
If they are on a lease when you sell, the lease goes with the building. So the new owner would have to honor the remaining period of the lease. This could hurt you though if a prospective buyer wanted to owner occupy one of the duplexes. --24.147.xx.xxx |
Extending Lease (by Robert J [CA]) Posted on: Aug 18, 2018 8:05 PM
Message:
You would be crazy to do that, limit the value of your rentals by giving tenants a fixed longer lease. Then the buyer has to honor it.
When I disposed of 52 units, all different sized buildings -- 4, 5, 7, 8, 12 and 16 units -- my tenants suddenly became my enemy. I let the be late on their rents without penalty. Fixed things for free that their children destroyed, like windows, walls, doors and flooring.
I allowed them to add extra occupants without raising their rent. All was good when it benefited them.. Once they knew I was going to put the property up for sale, they stopped cleaning their units. Parked their extra cars on the property and began to smoke inside. Some even got pets. Anything to hinder my sale.
The new owner saw the lease stated no smoking inside, no pets and only 1 assigned parking spot. So he sent notices out then evicted, doubling the rent after the eviction.
Do what is best for you and not your tenants. I had tenants that said I was the best landlord they ever had. Once sold, they told the new owner I was dumb, stupid and didn't know how to change a light bulb. Even though I'm a licensed contractor of 6 trades and many accreditation. --47.156.xx.xx |
Extending Lease (by turbo [IL]) Posted on: Aug 18, 2018 9:09 PM
Message:
Oh my gosh. That is scary. If it takes a year or more to sell who knows what could happen. Now I am going to turn grey worrying. --98.212.xxx.xx |
Extending Lease (by JR [ME]) Posted on: Aug 19, 2018 5:18 AM
Message:
You would be insane to incumber your sale with these restrictions. You are a landlord to your tenants, not their guardian. Whatever leases they have on the date of sale continue on with the new owner. If the new owner raises their rents, why not just cut them a check every month for the amount of increase for a year? I’m sure you will have a warm feeling every time cutting 10 checks a month knowing you are helping people. --98.13.xx.xxx |
Extending Lease (by Ken [NY]) Posted on: Aug 19, 2018 5:47 AM
Message:
I would leave them month to month at this point,once you try to sell it they may try to refuse entry to mess up the sale because you have been so good to them.Anyone who doesn't cooperate I would evict,you have to watch out for your interests,do what is best for you --72.231.xxx.xxx |
Extending Lease (by plenty [MO]) Posted on: Aug 19, 2018 6:39 AM
Message:
Its an honorable gesture but this is business and you are running an orphanage. If you want to do that ok but your business plan will rock havoc on selling, managing and moving forward. Just list it as it is if you are selling or don't sell just yet. Let the turn over begin, naturally, then rehab one unit to show. Then sell the dream! --99.203.xx.xxx |
Extending Lease (by WMH [NC]) Posted on: Aug 19, 2018 6:52 AM
Message:
Be sure to have your listing agent explain to the tenants that anyone coming to view the property could be their new landlords, so they will want to put their best foot forward and make a good first impression.
As they are multi-units it's not quite as likely they will be wanted as owner-occupied, but it is certainly a possibility (live in one, rent the others...) and if you hinder that possibility with long-term leases of existing tenants you will limit your target buyers. --50.82.xxx.xx |
Extending Lease (by Oregon Woodsmoke [ID]) Posted on: Aug 19, 2018 7:24 AM
Message:
Don't expect a gratitude from your tenants.
It's not rare for tenants to go a bit crazy and to be uncooperative when the building is for sale. If you've given everybody a brand new one year lease, you've got no leverage to control their behavior. --174.216.x.xxx |
Extending Lease (by Doris [OH]) Posted on: Aug 19, 2018 4:30 PM
Message:
These responses are scary. We sold a double a few years back with both tenants having leases and didn’t have trouble with tenants on either side going weird like mentioned above. --74.140.xxx.xxx |
Extending Lease (by BRAD 20,000 [IN]) Posted on: Aug 19, 2018 10:40 PM
Message:
turbo,
Nice intentions but if you sell you are not their keeper.
Time to decide. Sell and move your business forward or continue to provide for them.
You could renew all the leases as of today's date for another year starting now.
BUT...
the value of your multi's is based on the income (the rent!).
If you lock in the (lower) rents a buyer may not be interested.
Me? We have good interior photos and a video walk thru. combine this with the numbers and an prospective buyer should be 99% ready to make an offer. The only walk thrus happen when the buyer is in place. We tell them this might be their new LL so make a good impression.
BRAD
--68.50.xxx.xxx |
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