Re: Long Term Lease? - Landlord Forum thread

Re: Long Term Lease? by Jack Klein (NY) on November 17, 2009 @23:35

I shoot for 2 or more year lease terms, but most of the time, I'll accept a 1 year lease.

I've been doing this 30 + years and have found that a fixed term lease is more stable. I use the LPA Lease and feel it works best for residential single family homes for 1+ year leases.

I have a tenant whh started out on a 1 year lease and has renewed every year for the past 25 years.

If you have a tenant willing to commit to a 5 year lease, it could be a very good thing if they are qualified.

**I know many of the other landlords on this forum feel safer with a month to month lease for fear of being "locked in" to a tenant, but I prefer to be "locked in" to a solid tenancy.

When a tenant goes bad, he usually violates the lease by non-payment, it is easy enough to terminate the lease and evict.

I like that the LPA lease gives me the unilateral right to terminate with 30 days notice even with a fixed term. (Have the tenants initial that clause if you're worried about enforcing it- but I never had a problem enforcing it.)

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Re: Long Term Lease? by P-Bone in WNY (NY) on November 18, 2009 @08:42	[ Reply ]
If you have the right to unilaterally terminate the lease with 30 days notice, than any judge would likely assert that the tenant has the same rights. Therefore, in reality this is not a fixed-term lease, it's a month-to-month lease with a specified period of expected occupancy.