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Forum / Leasing Issues / Leasing to a Non profit Corporation
A non profit organization (Bridgeway) wants to rent my condo was long term (5 years), Have any one dealt with them before, According to their web site they provide rehabilitation services. The tenant will be on the property for 5 years. They are fine with me putting an eviction clause that i can evict the tenant if police gets called for more than 3 times in a month and is also fine with rate increases every year. looks like a sector 8 but i believe the tenant will be little on the better side. Any advice's welcome. Became a Landlord recently and this is my first condo. so have a lot of questions renting it to an organization for a long term, i do also have one another tenant lined up who is good to sign up a lease for 1 year. any one dealt with this organisation before or any other non profit organization let me know your pain points. Thanks.
Daaku B, NJ on Thursday, August 2, 2012
RE: Leasing to a Non profit Corporation
I am sorry, but I have never rented to a corp. before. You may want to put a clause in there for raising rent, like after 2 years the rent is raised to such a price.
Posted by karen s, WI on Friday, August 3, 2012
RE: Leasing to a Non profit Corporation
I would think twice before doing a 5 yr contract on a condo. It really serves no purpose except to lock in the rent for the tenant. If you have problems you will have to go thru an eviction process vs a simple 30/60 day Notice to move after the 1st yr. If your thinking is that you will have steady income over 5 yrs, don’t hold your breath. Tenants break lease agreements all the time. Some as soon as 2 months into a 1 yr agreement. Being a new comer to the business, start off with a one yr lease. ---- Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.
Posted by Bob R, CA on Friday, August 3, 2012
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