Tonight, I ended up having a drink with one of my tenants and agreeing on extended his lease for another year.
About a week ago, when I talked to my realtor, he was rather aggressive in terms of putting the houses on the market. I was supposed to obtain the agreement from the tenants that I could put the houses on market now.
The leases allow me to market my house, lease or sell, 60 days before the lease expires. I thought I had enough of good will with my tenants that they may allow me to sell the house earlier than 60 days.
Well, all my tenants understand that I have the right to sell the house and nobody insist on their right of staying for the entire period of the lease, especially after they heard that I am need to raise money for my kids’ tuition.
The problem is, as soon as they hear that I may put the houses for sell, they want to move.
Fair is fair, I have the right to sell, they have the right to move.
I was counting on that buyers may be an investor and they may want to keep my tenants in the house throughout the transition period.
Honestly, I am not sure if it is such a good time to sell the house yet. If I could not sell the houses within a month or two, especially through the summer, I would end up losing the rent during the period and putting the cash money to fix the houses up for sale, or for lease.
Doing this during a period when I need the cash urgently may not be a good idea.
What do you think?