"Buying Out" Tenants Lease : ezLandlordForms

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Aaron J

started a topic over 15 years ago

Does anyone have any suggestions on the best way to go about buying out a tenants lease? I have been a landlord for a little more than a year and it is not for me. I would like to sell the property but am not having any luck selling as a rental property. I have interested buyers that want to move in. But my current tenants have a signed lease through 2010. I have proposed offering $2K to buy out the lease and change from a one year least to a month-to-month. Any comments/suggestions?

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Stan M

said over 15 years ago

What was their response to the offer?

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Aaron J

said over 15 years ago

Just made the offer last night. I actually offered $500 up front to change the lease to a month-to-month, then $1000 once have vacated property. The tenant was a little shocked at the prospects of having to move; which is understandable. She is thinking about it.

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Stan M

said over 15 years ago

Aaron...read "Looking for Rental Prop. Buyer" below. Consider allowing her to stay until property is sold. The key here is that she receives the $$$ if she meets ALL the terms of the lease. In her favor, she gets help in moving cost and 2 month to look for a place. Every month that the property is vacant, that's a loss to you. How long can you continue to support that property without income..... 4, 6 or 8 months? Work the numbers with/without tenant. As you mentioned earlier, you only have "interested" parties. How many times have you been interested in something and never purchased it. Keep us posted.