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29/09/24
15:23
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Originally posted by acorn:
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lt's not as simple as that . There are times when l've had tenants on rolling leases for years. Some times you don't really get a choice. lt might mean the difference between keeping a really good tenant or losing them. People get nervous about locking themselves into a long lease . Hence they like the idea of having some flexibility even though they may not use it. E.g. l've had long termers that have wanted to buy a house. They were honest enough to let me know and therefore wanted a bit of flexibility depending on when they bought a house . As they had been great tenants l was more than happy to help them out. l also had the rental manager in the loop so that they had a new tenant ready to go . l didn't lose a day of rent in the changeover . Once again, l was involved throughout . l've had that experience several times. ldeally you want a long lease. l've had tenants ask for even longer leases although that is getting a bit rarer these days. Btw. lt's pretty easy for tenants to get out of long lease and it can be pretty hard to get any money out of them. That's why vetting tenants properly is so important . And also having a very good very rentable property is crucial . Risk reduction is key.
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That may have been the case in the past but each of the States are moving to a point where it is close to impossible to terminate a rolling lease., it simply isn't worth the risk. If the tenant doesn't want a long term lease do 3 or 6 month periodic leases.