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Can I get a commercial loan without 25% down?
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Coach
They’re charging you 25% of what for what exactly?
25% of the first months rent of the new period with the same tenant. No change in lease terms. They call it a re-leasing fee.
Coach
I would never dream of charging that to my (good) tenants. And anyway, for what? An extra few hundred bucks? But I guess you can contract for whatever you want...
This ^. Offer the carrot of a future mandate in exchange for waiving the fee today. Just make sure the next mandate has a set minimal fee for renewals
Coach
Where are you located? It’s probably illegal in your state.
I don’t think they can do that in California!
These kinds of things are ridiculous. Have a property in Chicago. We negotiated this upfront and cut it out. They get a hefty fee anytime there is a new tenant though.
What does your contract w the mgmt company say?
Definitely not standard. My management company only charges me that if they are looking for a new tenant.
They are probabaly hinting they want you to leave. .
Once your lease is over its hard to beilive they can't do that, they aren't obligated to renew unless its in the contract. .