Rent Collection (by Tricia [GA]) Jun 14, 2019 11:36 AM|
Rent Collection (by Moshe [CA]) Jun 14, 2019 1:08 PM
Rent Collection (by BRAD 20,000 [IN]) Jun 14, 2019 3:55 PM
Rent Collection (by BRAD 20,000 [IN]) Jun 14, 2019 3:57 PM
Rent Collection (by JKJ [MA]) Jun 14, 2019 4:07 PM
Rent Collection (by Busy [WI]) Jun 14, 2019 4:40 PM
Rent Collection (by Robert J [CA]) Jun 14, 2019 5:35 PM
Rent Collection (by 6x6 [TN]) Jun 14, 2019 6:21 PM
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Rent Collection (by Tricia [GA]) Posted on: Jun 14, 2019 11:36 AM
I wanted to be more specific in my question.
What is the correct or legal method for collecting the first months rent?
Should the first months rent be collected at the signing of the lease agreement or should it be collected just prior to move-in? --76.20.xxx.xxx
Rent Collection (by Moshe [CA]) Posted on: Jun 14, 2019 1:08 PM
I collect security deposit at signing of lease, and then, first month's rent when it is due.
Rent Collection (by BRAD 20,000 [IN]) Posted on: Jun 14, 2019 3:55 PM
We donít do holding deposits. The house stays on the market until someone signs and pays. Amazing how people find the money overnight to get the home!
People donít have money in our new economy. We want to ďcaptureĒ them with easy entry while other LLs wait, demanding lots of money up front.
Rent is always paid in advance. Pay on or before the first to live in the home that month.
Our standard policy is deposit plus prorated rent for the remainder of the current month.
PayDayPlanRent: they only need deposit plus one week of rent.
In real life we get homes rented sometimes by accepting the deposit, sign the lease with a written plan to catch up the rent weekly within 30 days.
Theoretically I have brought in the amount of ďrentĒ for that month in the form of their deposit. Iím not losing days of rent while it sits vacant.
It ainít rented til itís rented ALWAYS works.
Rent Collection (by BRAD 20,000 [IN]) Posted on: Jun 14, 2019 3:57 PM
PS caution: put your policy in wiring and stick to it. By Federal Fair Housing Law you must treat every person the same, which means giving favors to one but not the other is discrimination.
Rent Collection (by JKJ [MA]) Posted on: Jun 14, 2019 4:07 PM
As I previously said, I collect 1st, last and SD at lease signing. The day the lease is signed is when the tenant starts paying rent, I donít sign a lease and then hold the apartment for them till they want to move in and not charge rent. --71.248.xxx.xxx
Rent Collection (by Busy [WI]) Posted on: Jun 14, 2019 4:40 PM
Now you have me thinking about the actual sequence. Well, for sure, the tenant doesnít get keys until security deposit, first monthís rent and lease are signed AND utilities are in their name. I havenít had to place a new tenant for a while , so, having to think, did I make them run to the bank and deposit security and rent before lease signing? Yep. If they werenít comfortable with that process, I could always go with to give them the signe receipts, but, of course, bank teller gives them a receipt too. Now, with Zelle, we could set that up at lease signing.
I try to give the tenant a few days free at the start, but everything ( monies, utilities, paperwork,) must all be complete. I tell tenants this gives them time to move safely, without damaging walls, plus gives them time to really clean behind the fridge, under the stove, on their last place so they can get security deposit back. Not only is this well-received, but, it is actually part of their training process. Now they know I expect them to move carefully, both in and out of the unit, and I expect the place clean when it comes back to me.
Another poster on this forum has a most excellent plan for tenants getting security deposit back that she starts at lease signing. Mine is just a small step towards that.
Btw-reason I give them a few days at the beginning, then I donít have to pay utilities, nor worry about a house sitting vacant. So far, so good. --172.58.xxx.xxx
Rent Collection (by Robert J [CA]) Posted on: Jun 14, 2019 5:35 PM
A tenant gave me notice that she was moving out in 30 days. When she told some friends, some wanted to rent her apartment from me. Obviously is have nice units.
Here are a few conversations I had with her friends about renting the unit:
a) I needed them to complete an application, provide several pay stubs, State Picture ID and bank statements.
b) Then need to make at least 3-times the rent
c) Upon approval, they need to sign the lease and provide First Months Rent and Security Deposit via a local bank cashier's check or money order.
One said, I won't have the money unit my next pay check. Another said, can I pay you the day I move in? Then THREE (3) other potential applicants said,
"That isn't a problem, Email me the application and I'll fill it out and send back the items you requested. Then can meet as soon as tomorrow and I'll have the funds you requested."
Once I approved one of the applicants she had to see when her current landlord would allow her to move before she gave her 30 day notice. That landlord allowed her to move out in two weeks. The current tenant was moving out in 8 days. I got the documents via email, ran her credit and background information. The next day I met her at the building, in the common area where we reviewed and signed the lease and she gave me all of the move in funds. I then gave her a set of keys that will work after the current tenant moves out and I rekey the apartment.
The people who refuse or can no pay me now for a soon to be tenancy is someone I will not wait for.... --47.156.xx.xx
Rent Collection (by 6x6 [TN]) Posted on: Jun 14, 2019 6:21 PM
I had tenants bring a cashiers check for SD, first months rent, prorated rent and proof of utilities in there name on lease signing day. Rent is always paid in advance. --73.120.xx.xxx
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