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If your parents do sell the building possibly they could reimburse you for some of those out-of-pocket expenses. They must be feeling a little bad about the turn of events also.
You're on a month to month lease and all they need to give you is a 30 day notice to vacate....if I were you, I'd stop being a whiner and start looking for a new place to live.
Your parents owe you nothing; and I'd bet the farm that you aren't paying market rent, so I suggest you use those 'mad google skills' of yours and read up on the landlord/tenant laws for your state and realize that it's time to grow up.
And yes, if you did have a lease the new owners would have to honor it until is expired....however, most states won't allow a 5 yr lease and most buyers won't buy with a 5 yr lease in place.
lol, yikes. There's SO MUCH more to this story but really there's no reason for me to go much more in depth on here. My question was answered like 7 threads ago...thanks again BTW.
I will say there were major renovations that had to take place before I moved in that I paid for out of pocket (new water heater for example). It was months and months of planning and discussion. They never, ever mentioned the idea of selling until I moved in.
And I'm not "forcing" anyone to do anything. When the selling discussion first came up, I actually asked if I had signed a lease would I be covered if the building was sold and was told "no, leases don't carry over". So yeah, total amateur hour.
Had I moved in like a normal tenant and signed a lease, I'd be good to go, wouldn't have to be worrying about any of this right now, right? So...yep. That's pretty much what I'm trying to accomplish now. Rewind just a month or so, sign a lease and carry on!
Guess I wouldn't have such a huge problem with the whole thing had I not sunken so much money into it and gotten 2 cats and a dog...but what's done is done. I plan to be here for a while either way.
And the building won't be turned into condos or torn down or anything like that. It's an area of connected stores, a "mall strip" like area in the city. So it will remain a store, possibly turned into a DELI or something along those line. All the stores around here have apartment rentals on-top of them.
Anyway, I won't be replying back after this post as some of these responses have driven me temporarily mental after all that i've been through..such a disconnect. But thanks again all for your input and opinions...so many lessons learned here with this whole thing!
here's the thing: everyone is telling you that if you snooker your parents (you've already admitted they're hopelessly clueless re: business matters, so if you're the only informed party, yes, you're somewhat "forcing" them) into signing a lease, you're making it infinitely more difficult for them to sell. It's a valid assumption they need to sell because they need the $$$, so yes, you are screwing your parents over just for your convenience; a lease benefits NO ONE EXCEPT FOR YOU.
Now, if you signed a lease that gave any purchaser of the property the right to cancel said lease with appropriate notice, say 60-90 days, then you'd be fair to both sides. You're also not thinking it through; if your parents are as bad as business matters as you claim they are, what in the world makes you think they'd be ideal landlords?
Worst case, why don't you talk to your parents and tell them that you feel they should reimburse you for the improvements you made on the property after they sell it - I figure they have sold your investment into their property as well.
I think some here are being harsh, but I do agree that them signing more than 1 year of lease could be damaging to their ability to sell the place, one would hope that you can count on family to not ********* over like that and that they would at least give you some money from the deal to cover your expenses.
I think you would have had much more helpful responses if you hadn't mentioned your parents. Or not. This forum is full of harsh posters.
If I look at this strictly from a tenant's point of view, without anything about your relationship to your landlords, I'm thinking it would be fair to propose that your landlords either 1) reimburse you for the money you spent refurbishing their rental just in time for them to put it up for sale and profit from your improvements; or 2) give you a year's written lease, which would at least mean that you don't have to move for a year.
If they don't want to go for that, then perhaps come back with a written agreement that if you are required to move because of a sale of the property, that you will be given 90 days notice to move. Something like that. Everything is negotiable.
A potential buyer of this property, who wanted the tenant removed, would first ask the seller if they would remove the tenant before they buy the property. Then either the seller or buyer would end up offering you cash for keys - money to terminate the lease early and move out.
A tenant being on the property does not cost the seller thousands of dollars and does not automatically mean there will not be a sale. Buyers of commercial properties that happen to also have rentals above them, are going to be savvy enough to negotiate getting the tenant out, if that's what they want.
So, offer a one-year lease, instead of a longer one. A longer lease would be considered very unusual and could raise some eyebrows for potential buyers. Even then, that doesn't mean they wouldn't just simply tell the sellers that the tenant must be removed at the seller's expense before they will buy.
How about you figure out how to talk to your parents about the problem they are having. Why don't you help your parents to make their business venture successful rather than trying to get them to sign a 5 year lease for you to cover your azz. When I say NEVER rent to family or friends this is the type of situation I am talking about. 5 year lease? Dude seriously. You really think that's gonna fly? Any investor would laugh their ass off especially when they see the tenant is the son of the seller. No investor would buy. They would simply say the seller must remove all tenants off the premises.
You love your parents? Want to help them? Go get another place to live. When they sell ask them to reimburse you for the carpet and whatever else costs you incurred. But don't abuse or capitalize on your parents vulnerable situation. They are probably embarrassed, scared and feel utterly helpless. Losing a business or failing at it is a giant psychological hit to some people. Your parents may feel like utter failure.
Last edited by Electrician4you; 05-14-2014 at 07:15 PM..
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