tenant wants to break the lease

[firefighter196]

Alex, Florida

I rented this apartment 6 months ago for a 1 yr lease.

I paid $3k in commissions for the realtor.

Tenant now bought an apartment and wants to move. He still has 6 months left on lease.
I told him you can move as long as you find me another tenant to assume your lease, I don't want to end up in court and I truly want a peaceful resolution.
He's been trying to rent for the past month and only found 1 guy with a horrible credit and I told him sorry but I can't accept somebody with that credit score.

He's moving out soon and I have a feeling he's going to bail out on me.

The remaining 6 months of rent is just about $20k.

What should I do if he stops paying the rent and does not find anyone to replace him?

Thanks for the great help.

 

[Alaska landlord]

At that point, you find a replacement tenant and deduct from his deposit and or sue him for the amount owed up to the point when the replacement tenant moved in.

 

[OHlandlord]

Remind the tenant that Florida law says you have no duty to look for or rent to another tenant. Let him know that if he doesn't continue to pay rent until another tenant takes that unit, he will be on the hook for the entire lease amount. If he fails to pay, file an eviction against him for non-payment. If he returns the keys, file against him in court for the unpaid charges. You can't collect all this money in one small claims court case, but you could file for a civil judgement against him. If a civil judgement shows up on his credit right after he buys that unit, he may find his bank is suddenly very unhappy. If you get this judgement, you may be able to file a lien against his new property. He could never sell that unit or refinance until he paid you. But do look for a new tenant if he vacates. Waiting on this lost rent may take a very long time.

 

[JustAPal00]

The nice thing about a lean on his new property is that in most states you are allowed to charge tha maximum interest rate. That ranges from 24 to 35%. If he ever tried to sell the property or refinance it he would have to settle your lean first. You might have to wait on your money, but what a great investment.

 

[firefighter196]

Thanks guys. Great help!!