Report

Lease Arrangements

Start a Hostel

Seanhaley86 started this discussion 12 years 11 months ago

Hey Everyone,

I'll apologize in advance if this has already been answered in a previous post. How does one go about convincing a landlord to open a hostel with his property? Lets say I want to arrange a 5-10 year lease, do I do this at an agreed price and state that I'll pay a 2% increase in rent each year? I'm also guessing that I'd have to be the one paying all maintenance costs and that this is something to be stipulated in the lease? I also think that it's still the landlord's responsibility to pay all property taxes whereas I pay all utilities. Would you recommend hiring a lawyer?

What else should be included in the lease to ensure a viable business while also ensuring the landlord that he's getting a good deal and his place will be taken care of? How can I sweeten the pot? Thanks for sharing your expertise!

Comments

Report

flat5263

12 years

in this situation, communication. ask him what he wants for 10 years of his property. and put it out in a legal write-up for sure. "is $100 a month the sum you want for ten years?" "s $500 a year for taxes too much for you to pay with what you get for rent?" "is my upkeep and repair worth the extra money it will cost ME?" (question to yourself!!) i just made up dollar sums- could've said x% or x dollars. not real estimates of any sort. of course, it could work against you, but you could get a 5-yr lease with an option for you to go 5 more if you agree. if price goes up, he may want more rent...

Search form

Report 'Lease Arrangements'?

Report 'Re: Lease Arrangements'?

Join the world's largest community of hostel professionals.

Check Your Email