mid month (by 6x6 [TN]) Dec 6, 2018 3:46 PM|
mid month (by David [MI]) Dec 6, 2018 3:58 PM
mid month (by razorback_tim [AR]) Dec 6, 2018 4:04 PM
mid month (by NE [PA]) Dec 6, 2018 4:15 PM
mid month (by Ken [NY]) Dec 6, 2018 4:29 PM
mid month (by 6x6 [TN]) Dec 6, 2018 5:38 PM
mid month (by plenty [MO]) Dec 6, 2018 6:29 PM
mid month (by Still Learning [NH]) Dec 6, 2018 6:58 PM
mid month (by Rangor [TN]) Dec 6, 2018 7:10 PM
mid month (by Jason [VA]) Dec 7, 2018 5:26 AM
mid month (by S i d [MO]) Dec 7, 2018 6:06 AM
mid month (by Deanna [TX]) Dec 7, 2018 6:33 AM
mid month (by Hoosier [IN]) Dec 7, 2018 8:54 AM
mid month (by 6x6 [TN]) Dec 7, 2018 3:52 PM
mid month (by BRAD 20,000 [IN]) Dec 9, 2018 4:25 PM
mid month (by WMH [NC]) Dec 9, 2018 4:36 PM
mid month (by 6x6 [TN]) Dec 9, 2018 6:24 PM
mid month (by 6x6 [TN]) Dec 9, 2018 6:29 PM
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mid month (by 6x6 [TN]) Posted on: Dec 6, 2018 3:46 PM
Day 21 of 21 day challenge. Thank you all a lot for your support and advise. Thank you Hoosier for the suggested question. If someone moves out on August 30th,do I need to start my new lease on November 1st or can/should I move someone in "mid month"?
mid month (by David [MI]) Posted on: Dec 6, 2018 3:58 PM
You can start your lease and end your end any day of the month
mid month (by razorback_tim [AR]) Posted on: Dec 6, 2018 4:04 PM
As soon as you find an approved applicant move them in. --166.137.xxx.xxx
mid month (by NE [PA]) Posted on: Dec 6, 2018 4:15 PM
Alright, what's the prize? --50.107.xxx.xx
mid month (by Ken [NY]) Posted on: Dec 6, 2018 4:29 PM
Prize is congratulations from us,Congratulations --72.231.xxx.xxx
mid month (by 6x6 [TN]) Posted on: Dec 6, 2018 5:38 PM
NE(PA),I think it is supposed to be "The Landlords Kit". I emailed the editor that I completed the challenge but have not received a response back yet. --73.120.xx.xxx
mid month (by plenty [MO]) Posted on: Dec 6, 2018 6:29 PM
Welcome !you did the 21 day challenge! Nice to get to know you and i hope you read here every day. When i get to TN i will let you know and we'll have lunch. Enjoyed reading your questions. How many units do you have and what kinds? Single families? Multi? Why did you get into this business? --99.203.xx.xx
mid month (by Still Learning [NH]) Posted on: Dec 6, 2018 6:58 PM
Congratulations on the 21 days! Great questions. Hopefully it is not empty all of September and October. My leases are rarely an exact year. When someone is moving in mid-month depending on how many leases will be ending at that same time I might suggest 11 1/2 or 12 1/2 months. My lease has a place to write the full amount of the lease and then breaks it into a monthly rent amount so I add a note saying 11 months at x and 1 prorated month or 14 days at y. --24.61.xxx.xx
mid month (by Rangor [TN]) Posted on: Dec 6, 2018 7:10 PM
Congrats 6x6 - curious what part of TN you're in. You don't have to be overly specific. I'm on the eastern side of the state, close to GA and AL. Again, good job persevering. --75.136.xxx.xxx
mid month (by Jason [VA]) Posted on: Dec 7, 2018 5:26 AM
We move them in as soon as possible, whether it's mid-month or the beginning of the month. However, that being said, we NEVER permit anybody to move in unless they've paid one FULL month's rent and the full security deposit.
That means if they move in December 15, they're going to pay me one full month's rent (and the SD), then when January rolls around, I'll collect the pro-rated rent from the previous month.
mid month (by S i d [MO]) Posted on: Dec 7, 2018 6:06 AM
Let's say someone wants to move in Dec 15th. Okay, first, I don't let anyone who is approved and has the funds to move in slip away because of weird payment timing. Get 'em while the getting is good! This is not hard. Simple math tells us the answer.
Whatever payment plan they choose allows us to calculate the per diem rate, which is written into the lease. Let's says they choose a bi-weekly payment that is $280. Bi-weekly covers 14 days rent, so the per diem rate is $20.
We collect the first full payment ($280), plus the security deposit, plus any pet fees up front regardless of what day they move in. We then prorate the SECOND payment based on how many days they were actually in the unit during the first period. If they were only there 12 days before their second payment becomes due, they only owe $240 for the second payment. All subsequent payments are the full amount and line up perfectly with whatever payment cycle they choose.
It's all written into the lease with amounts, dates covered by the payment, etc. Spelled out clearly.
Our lease always runs to the end of a full month, so for bi-weekly payers we also prorate the last payment thru the last day of the month. I've had several folks whose leases ended on the 30th and their final bi-weekly payment date was the 29th. So they only owed 2 days of rent for that final payment ($40). We do not prorate if they move out earlier. The lease end date does not change based on their payment plan.
mid month (by Deanna [TX]) Posted on: Dec 7, 2018 6:33 AM
I move people in whenever their schedule and their funds meets my schedule of a place being available.
I'm not tied to either rent or move-in being connected the 1st. My tenants are not the kind of people who carry around a years' salary in their bank account as a cash cushion. They live paycheck to paycheck-- so I can adapt to their reality, or I can have empty houses. :)
So, if I get someone who's approved for possession around the first week of the month, I'll usually prorate the first month's rent so that instead of paying $x, I do (x/30)(number of days left in the month). It means a bit less move-in funds for me off the bat, but at the same time, it means a bit more money to use for utility deposits and transition costs. Then rent is due on the first, and all the subsequent income is normal.
If I get someone who's approved around, say, the 8th-20th, I'll give them a choice. "Would you like to pay [approx 1.5 months' rent] and not have to pay rent again until the month after next? Or would you like to pay regular rent, and tie your due date to [whatever the day is]?" And so I'll end up with people who are due on, say, the 15th, and our rental periods will run from the 15th of one month to the 14th of the next month.
If I get someone who's approved and will take possession around, say, the 21st-31st, I'll pro-rate out the last few days of the month, add it to a regular month's rent and the security deposit, and charge that. On occasion, if I'm really close to the end of the month, I'll throw in a couple of free days-- if they're renting a place that pro-rates out to about $15/day, missing out on that $30-$45 isn't a bad price for goodwill. It's not automatic, but it is a gesture I've made in the past. --96.46.xxx.xx
mid month (by Hoosier [IN]) Posted on: Dec 7, 2018 8:54 AM
I agree with others like Jason...move them in as soon as you can, collect full month at first, then pro-rate the second month.
I've always ended my leases on a natural month, but you can do what you like in these cases. In other words, if they move in December 15th, do you want the lease to end on December 15th? Or do you make it December 31st?
(I actually sometimes use a 13 or 14 month lease to avoid people moving out at the holidays, which is a difficult time to re-rent. For example if they move in December 15th 2018, I'll tell them during the showing that this is a 13 month lease and that our leases end on a natural month...so the lease termination date would be January 31st 2020.)
mid month (by 6x6 [TN]) Posted on: Dec 7, 2018 3:52 PM
Thank you all for the congratulations and advise. Plenty(MO),I can't wait to do lunch and meet you in person. I only have one sfh. I think it would be considered a class c.I just wanted to try and do something with real estate and found a foreclosed home not far from where I live. I didn't feel like I could loose,whether I flipped it or rented it. It took me a little while to decide which one while I worked on the house as I am not very patient and new renting might be a problem. I decided to try renting anyway. I really have to get better at the whole process and have a lot of learning to do. Rangor(TN),nice to see someone from TN on here. I live in Knoxville. Thank you Sid(MO) and Deanna(TX) for the examples. Thank you all again for your help. You are all awesome!!! --73.120.xx.xxx
mid month (by BRAD 20,000 [IN]) Posted on: Dec 9, 2018 4:25 PM
"COME ON DOWN!!!
You're the next winner on the Landlord Is Right!"
THIS is for YOU! www.youtube.com/watch?v=NmyV_dBZHU0
Johnny, What do we have for our winner?
Well Bob, it s NEWWWW CAAARRRR!
mid month (by WMH [NC]) Posted on: Dec 9, 2018 4:36 PM
"Nothing magic about the 1st!" or the 15th or whatever...any day you can collect rent is a good day. --50.82.xxx.xx
mid month (by 6x6 [TN]) Posted on: Dec 9, 2018 6:24 PM
Thank you Brad and WMH. Brad I tried the youtube site and it says video is unavailable. Does this mean I don't get my car? --73.120.xx.xxx
mid month (by 6x6 [TN]) Posted on: Dec 9, 2018 6:29 PM
Actually Brad I got the video to come up. Haven't seen that show in a while! --73.120.xx.xxx
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