Today's $798 ELT (by BRAD 20,000 [IN]) Jan 30, 2016 10:56 AM
Today's $798 ELT (by Shawn Sisco [MO]) Jan 30, 2016 12:18 PM
Today's $798 ELT (by Roy [AL]) Jan 30, 2016 4:30 PM
Today's $798 ELT (by Rangor [TN]) Jan 30, 2016 7:47 PM
Today's $798 ELT (by BRAD 20,000 [IN]) Jan 30, 2016 11:36 PM
Today's $798 ELT (by John2 [MI]) Jan 31, 2016 3:23 AM
Today's $798 ELT (by razorback_tim [AR]) Jan 31, 2016 10:48 AM
Today's $798 ELT (by Shawn Sisco [MO]) Jan 31, 2016 1:51 PM
Today's $798 ELT (by Laura [NH]) Jan 31, 2016 2:00 PM
Today's $798 ELT (by Shawn Sisco [MO]) Jan 31, 2016 2:51 PM
Today's $798 ELT (by Larry B [NY]) Jan 31, 2016 4:08 PM
Today's $798 ELT (by Laura [NH]) Jan 31, 2016 4:30 PM
Today's $798 ELT (by Shawn Sisco [MO]) Jan 31, 2016 4:37 PM
Today's $798 ELT (by Larry B [NY]) Jan 31, 2016 4:41 PM
Today's $798 ELT (by Larry B [NY]) Jan 31, 2016 4:41 PM
Today's $798 ELT (by Shawn Sisco [MO]) Jan 31, 2016 7:06 PM
Today's $798 ELT (by Shawn Sisco [MO]) Jan 31, 2016 7:06 PM
Today's $798 ELT (by BRAD. 20,000 [IN]) Jan 31, 2016 7:35 PM
Today's $798 ELT (by BRAD. 20,000 [IN]) Jan 31, 2016 7:35 PM
Today's $798 ELT (by BRAD 20,000 [IN]) Jan 31, 2016 7:48 PM
Today's $798 ELT (by BRAD 20,000 [IN]) Jan 31, 2016 7:48 PM
Today's $798 ELT (by BRAD 20,000 [IN]) Jan 31, 2016 7:51 PM
Today's $798 ELT (by Rangor [TN]) Jan 31, 2016 8:34 PM
Today's $798 ELT (by BRAD 20,000 [IN]) Jan 31, 2016 10:43 PM
Today's $798 ELT (by Larry B [NY]) Feb 1, 2016 3:37 AM
Today's $798 ELT (by Vee [OH]) Feb 1, 2016 5:32 AM
Today's $798 ELT (by CoachMitch [NY]) Feb 3, 2016 5:51 PM
Today's $798 ELT (by Honey [LA]) Feb 3, 2016 8:49 PM
Today's $798 ELT (by BRAD 20,000 [IN]) Posted on: Jan 30, 2016 10:56 AM Message:
Res moved into a tiny $399/mo one bedroom apt late Nov.
She called Jan 1 and said "Do I understand this correctly? If I pay the Early Release Fee I can move out?"
Yes, with a 30 day notice. (we think she found a boyfriend!)
So she gave her notice, paid Jan rent, and today paid the $798 Early Release Fee via PayPal.
I wonder if she used her credit card to pay the fee.
People LIKE the Early Release! and they pay it!
Do you have it in your lease?
How much have your brought in with the clause?
BRAD
--68.50.xx.xxx |
Today's $798 ELT (by Shawn Sisco [MO]) Posted on: Jan 30, 2016 12:18 PM Message:
Earlier this week $1875. --72.172.xxx.xx |
Today's $798 ELT (by Roy [AL]) Posted on: Jan 30, 2016 4:30 PM Message:
I have had tenants move and did not pay the fee. And I don't have the time to spend in court suing them for it.
I had one tenant tell me,..."Instead of me paying the ELT, you can just keep my deposit". Most of my tenants who move are broke and move out without any notice or forwarding address. Again, I do not have time to chase them.
I have collected EFT's before but that was a tenant who cared enough about following the lease terms and just doing the right thing. --68.63.xxx.xxx |
Today's $798 ELT (by Rangor [TN]) Posted on: Jan 30, 2016 7:47 PM Message:
Unfortunately most of my tenants were fairly stable last year. I did collect $1,685 representing 2 partial ELTs from different tenants for the same house and should get another $250 from one of them tenants this year.
I would make the argument that even if you don't feel that your tenants can or will pay the ELT I have never run into a tenant who feels they have the right to the security deposit when they know they have broken the lease. While some may argue that this is untested by the courts, it is unlikely to be challenged by people who acknowledge that they are breaking their part of the contract. As a result I have tried to beef up the amount of my security deposit. --107.77.xx.xxx |
Today's $798 ELT (by BRAD 20,000 [IN]) Posted on: Jan 30, 2016 11:36 PM Message:
We HAVE tested this in our court and MY judge says it gives the tenant and advantage.
One way is to add it to their rent ledger and any unpaid balance is considered unpaid rent.
Worth going after? Absolutely!
-One reason we pursue is that we only rent to folks who have GARNISHABLE income.
-it's usually over $1000 per move out
BRAD
--68.50.xx.xxx |
Today's $798 ELT (by John2 [MI]) Posted on: Jan 31, 2016 3:23 AM Message:
Yes!
I'm doing an ELT today! Unfortunately, they had amnesia yesterday via text. I have to keep reminding them this is "their" decision and we are trying to accommodate "their" decision to move early.
If everything works out today... We have collected $1500.00 in Elt in last 6 months. --75.128.xx.xxx |
Today's $798 ELT (by razorback_tim [AR]) Posted on: Jan 31, 2016 10:48 AM Message:
I have added it to my lease but have not collected one yet. Thinking back over the past 4-5 years I probably could have collected 3 if I had it in my lease. 2 moved who were buying houses and one moved out of state. In all 3 cases I collected rent until it was re-rented so no lost rent. --70.178.xx.xx |
Today's $798 ELT (by Shawn Sisco [MO]) Posted on: Jan 31, 2016 1:51 PM Message:
Last week's elt was a move out -no pay, their income was garnishible. As soon as they were served, the phone started ringing....it cost them an additional $660 to cover attorney fees.
Roy, you are doing yourself no favors by not positioning yourself to collect more of that which you are owed. --107.77.xx.xx |
Today's $798 ELT (by Laura [NH]) Posted on: Jan 31, 2016 2:00 PM Message:
How is the ELT clause worded in your lease? I would like to add the clause to my lease. --76.28.xx.xxx |
Today's $798 ELT (by Shawn Sisco [MO]) Posted on: Jan 31, 2016 2:51 PM Message:
Brad20k shared this a few years ago. A point that seems to escape many posters is that many people WILL settle before going to court. The ELT establishes an amount they owe. While it is true, your Judge may not uphold your ELT, it is far better to include it in your lease than not.
"Early Lease Buy Out Fee $______________ Resident may pay this one-time fee to end the lease early and not be forced to pay the remaining months of the lease contract. A written 30 day notice is still required."
If for any reason the signed leaseholder(s) is unable to fulfill the terms of this contract, the leaseholder(s) may choose to either terminate early using the flat fee model or terminate early using the standard policy of being financially responsible for rent and utilities until the property re-rents or until the lease term expires. In order to use the flat fee model the leaseholder(s) must be current with no past due balance owed.
Provisions of the Early Lease Buy Out Fee:
• 30 days written notice is required. (Notice is only acceptable on rent pay dates. Notice will not be accepted in the middle of a month for the current month.)
• Early opt out fee:
• Opt out fee is due prior to the end of the notice period. Opt out fee is due in certified funds only (money order or cashier’s check are the only acceptable forms of payment).
• Security deposit will not be used for the early opt out fee. Security deposit will be held as is customary and refunded per the lease agreement.
• Property is made available during the notice period to show to applicants. Customary notice will be given prior to showings.
• Leaseholder(s) must contact the office for the Early Opt Out Form for signature(s). Form must be returned to the office within 24 hours of receipt.
• IF NO FUNDS ARE RECEIVED FOR PAYMENT OF THE EARLY OPT OUT FEE PRIOR TO THE END OF THE NOTICE PERIOD, THE LEASEHOLDER(S) WILL BE FULLY FINANCIALLY RESPONSIBLE FOR THE LEASE UNTIL THE PROPERTY RE-RENTS OR UNTIL THE LEASE TERM EXPIRES.
--72.172.xxx.xx |
Today's $798 ELT (by Larry B [NY]) Posted on: Jan 31, 2016 4:08 PM Message:
I am supposed to get paid an ELT tomorrow but I have a question regarding the 30-day notice. If the tenant give the notice on Jan 15 and indicate they are moving out on Feb 15 do they pay pro-rated rent for Feb (for the 1st through the 15th) or do you charge for the full month of February in addition to the Early Termination Fee? --72.90.xx.xx |
Today's $798 ELT (by Laura [NH]) Posted on: Jan 31, 2016 4:30 PM Message:
Thank you for the wording of the ELT clause. I will be including it in my lease which is being revised currently. --76.28.xx.xxx |
Today's $798 ELT (by Shawn Sisco [MO]) Posted on: Jan 31, 2016 4:37 PM Message:
Larry. we don't know how your ELT reads or the day of the month that rent is typically due, can't answer. --72.172.xxx.xx |
Today's $798 ELT (by Larry B [NY]) Posted on: Jan 31, 2016 4:41 PM Message:
I was attempting to ask a generic question. For those of you who have an ELT - If rent is due on the first and the person gives you 30 days notice on the 15th of the month (stating they are moving out on the 15th of the next month) do they pay for the entire next month plus the ELT or do they just pay for the 15 days they will be in the apartment the next month? Example: Rent is due (and paid) on January 1st for the month of January. Tenant give 30 days notice on Jan 15th that they will move out on Feb 15th. Do they pay ELT plus full month of February or ELT plus 15 days of Feb? --72.90.xx.xx |
Today's $798 ELT (by Larry B [NY]) Posted on: Jan 31, 2016 4:41 PM Message:
I was attempting to ask a generic question. For those of you who have an ELT - If rent is due on the first and the person gives you 30 days notice on the 15th of the month (stating they are moving out on the 15th of the next month) do they pay for the entire next month plus the ELT or do they just pay for the 15 days they will be in the apartment the next month? Example: Rent is due (and paid) on January 1st for the month of January. Tenant give 30 days notice on Jan 15th that they will move out on Feb 15th. Do they pay ELT plus full month of February or ELT plus 15 days of Feb? --72.90.xx.xx |
Today's $798 ELT (by Shawn Sisco [MO]) Posted on: Jan 31, 2016 7:06 PM Message:
As you can see, The first provision of my elt deals with this issue. --72.172.xxx.xx |
Today's $798 ELT (by Shawn Sisco [MO]) Posted on: Jan 31, 2016 7:06 PM Message:
As you can see, The first provision of my elt deals with this issue. --72.172.xxx.xx |
Today's $798 ELT (by BRAD. 20,000 [IN]) Posted on: Jan 31, 2016 7:35 PM Message:
Early Release Fee $_____ Resident may pay this one tome fee to end the lease early and not be held liable for the remaining months. A 30 day notice is still required.
Rent is for full calendar months only. Example: resident lives notice on Jan 15. Resident is responsible for Feb rent.
Rent continues until the fee is paid.
Monies collected are applied to the balance. Unpaid balance is considered unpaid rent and is grounds for eviction.
...
It's very important to understand that people LOVE this and willingly pay it. Only a few grumble bit they pay.
MY court allows it.
LLs who have trouble collecting are not following thru or somehow giving the res the impression this is optional, like late fees and grace periods. --68.50.xx.xxx |
Today's $798 ELT (by BRAD. 20,000 [IN]) Posted on: Jan 31, 2016 7:35 PM Message:
Early Release Fee $_____ Resident may pay this one tome fee to end the lease early and not be held liable for the remaining months. A 30 day notice is still required.
Rent is for full calendar months only. Example: resident lives notice on Jan 15. Resident is responsible for Feb rent.
Rent continues until the fee is paid.
Monies collected are applied to the balance. Unpaid balance is considered unpaid rent and is grounds for eviction.
...
It's very important to understand that people LOVE this and willingly pay it. Only a few grumble bit they pay.
MY court allows it.
LLs who have trouble collecting are not following thru or somehow giving the res the impression this is optional, like late fees and grace periods. --68.50.xx.xxx |
Today's $798 ELT (by BRAD 20,000 [IN]) Posted on: Jan 31, 2016 7:48 PM Message:
Larry B,
Yes, res pays full rent for Feb no matter which day they move out.
We encourage them to return keys as soon as possible so they are no longer responsible for vandalism to a vacant home such as broken windows and stolen copper. This lets us start turnover faster and get more rent coming in. --68.50.xx.xxx |
Today's $798 ELT (by BRAD 20,000 [IN]) Posted on: Jan 31, 2016 7:48 PM Message:
Larry B,
Yes, res pays full rent for Feb no matter which day they move out.
We encourage them to return keys as soon as possible so they are no longer responsible for vandalism to a vacant home such as broken windows and stolen copper. This lets us start turnover faster and get more rent coming in. --68.50.xx.xxx |
Today's $798 ELT (by BRAD 20,000 [IN]) Posted on: Jan 31, 2016 7:51 PM Message:
Rangor,
Re-reading - my capital letters were for emphasis for lurkers, not yelling or arguing.
BRAD --68.50.xx.xxx |
Today's $798 ELT (by Rangor [TN]) Posted on: Jan 31, 2016 8:34 PM Message:
Haha...I didn't think twice about your caps - I know you are not a yeller unless it is yelling FREEDOM!! Thanks though. --184.174.xxx.xx |
Today's $798 ELT (by BRAD 20,000 [IN]) Posted on: Jan 31, 2016 10:43 PM Message:
FREEDOM!!! --68.50.xx.xxx |
Today's $798 ELT (by Larry B [NY]) Posted on: Feb 1, 2016 3:37 AM Message:
Thanks for the clarification. I believe I need to reword my ELT clause to clarify that the tenant needs to pay for the next full month plus the ELT when giving notice during the middle of a month. --72.90.xx.xx |
Today's $798 ELT (by Vee [OH]) Posted on: Feb 1, 2016 5:32 AM Message:
You would be charging a full month anyway, however I have returned money when I had someone else inline who paid and signed- but this is a crap shoot the existing will be out and cleaned on time, sometime there is a uhaul on the lawn for a day while the driveway one finishes getting filled up to go. --76.188.xxx.xxx |
Today's $798 ELT (by CoachMitch [NY]) Posted on: Feb 3, 2016 5:51 PM Message:
I do agree that a judge will look favorably on this clause as a way to fairly break a lease and not require that the tenant pay until the property is re-rented.
Time of year can definitely affect the ability to re-rent within 30 days. Consider that it is harder to re-rent during the cold and snowy winter months. Therefore, the Early Lease Termination Fee could be higher during those months and lower during the better rental months.
Example:
ELT fee March - October $1000
ELT fee Nov - Feb $1500 (hard to rent months)
Verbiage: In addition to the listed language:
The Early Lease Termination Fee will be made available according to the following schedule: list your schedule
All other lease terms remain in effect, e.g. (see Clause 13) "Landlord does not wish to retain any of tenant's Security Deposit when tenant moves out. Therefore, tenant shall return the leased premises to the landlord in a completely re-rentable condition so that landlord can immediately re-rent the premises without doing any maintenance, fixup or repairs."
No part of the Security Deposit shall be credited toward the Early Lease Termination Fee.
BTW, since I've added the clause mandating the tenant do all painting and repairs, I have not had any complaints that the Security Deposit was not returned. I send the tenant a detailed list of the repairs I did and the cost of each repair, including separating labor and parts. I also bill them for any shortage. This procedure seems to satisfy the consumerist tendencies of the court. --45.47.xxx.xxx |
Today's $798 ELT (by Honey [LA]) Posted on: Feb 3, 2016 8:49 PM Message:
I have had only 2 or 3 tenants ask for an early termination, but this was after they each had been with us for 3 and 4 yrs, had always been good tenants, so I let them go. Didn't keep deposits. Even though they all had picked times to vacate when it was not a good time for me, like I was about to leave for a trip or just before a major holiday. So I started to think about a FEE for MY troubles. I almost put it out to our group for everyone's thoughts on an ETF. But decided if I were to put it in our LEASE, it might actually encourage someone to try to leave before his or her contract was up. I decided to forget about it and put in tiny (fine) print that there be, say, $250 PITA fee. In polite term, an Administration Fee for handling an early departure, ONLY after 48 months of continuous occupancy and all monies were paid and up to date, etc. I have not done anything about it yet, although when a tenant asks to go month-to-month, I raise their rent around $25 saying "I'm going to lose you anyway and by the way, it works both ways. If you can give me notice, I can give you the same notice. Initial here, please!" --70.171.xx.xxx |
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