Tenant lease starts 15th (by Dave [NE]) Jul 16, 2019 2:55 PM
Tenant lease starts 15th (by Mike45 [NV]) Jul 16, 2019 3:12 PM
Tenant lease starts 15th (by myob [GA]) Jul 16, 2019 3:13 PM
Tenant lease starts 15th (by WMH [NC]) Jul 16, 2019 3:15 PM
Tenant lease starts 15th (by S i d [MO]) Jul 16, 2019 3:50 PM
Tenant lease starts 15th (by Deanna [TX]) Jul 16, 2019 4:05 PM
Tenant lease starts 15th (by Jim In O C [CA]) Jul 16, 2019 5:00 PM
Tenant lease starts 15th (by AllyM [NJ]) Jul 16, 2019 5:00 PM
Tenant lease starts 15th (by Pmh [TX]) Jul 16, 2019 6:00 PM
Tenant lease starts 15th (by Sean [OR]) Jul 16, 2019 7:17 PM
Tenant lease starts 15th (by dino [CA]) Jul 16, 2019 8:25 PM
Tenant lease starts 15th (by David [NC]) Jul 16, 2019 8:51 PM
Tenant lease starts 15th (by Vee [OH]) Jul 16, 2019 9:40 PM
Tenant lease starts 15th (by Still Learning [NH]) Jul 16, 2019 10:11 PM
Tenant lease starts 15th (by razorback_tim [AR]) Jul 16, 2019 10:17 PM
Tenant lease starts 15th (by MC [PA]) Jul 17, 2019 7:12 AM
Tenant lease starts 15th (by MC [PA]) Jul 17, 2019 7:14 AM
Tenant lease starts 15th (by Drew [CO]) Jul 17, 2019 8:03 AM
Tenant lease starts 15th (by pg [SC]) Jul 17, 2019 8:20 AM
Tenant lease starts 15th (by Scott [IN]) Jul 17, 2019 8:35 AM
Tenant lease starts 15th (by Doogie [KS]) Jul 17, 2019 9:24 AM
Tenant lease starts 15th (by MC [PA]) Jul 18, 2019 2:04 PM
Tenant lease starts 15th (by D [NE]) Jul 18, 2019 7:58 PM
Tenant lease starts 15th (by Dave [NE]) Posted on: Jul 16, 2019 2:55 PM Message:
Hello, I have a potential tenant who wants to move in on the 15th. The potential tenant told me they thought it was unfair that I’m asking for a deposit (one months rent) pus one month 30 days out. Do any of you feel that this is a unfair request as a landlord by asking the tenant for one months rent and the deposit 30 days in advance?
How would you best handle it? I personally don’t like that they came back and used the wording unfair vs asking if we could handle the first month and deposit in a different manner due to financial reasons.
Heard of people doing a deposit agreement to hold the rental unit and this sound like the way to go...Then if they don’t pay the first months rent as planned and dont move into the house, I keep the deposit.
Also, how would you best handle collecting the first months rent and the rent on the first moving forward when you start the lease on the 15th? I’ve heard of people doing it both ways. Only collecting the 15 days of rent for the first month and then starting the full months rent on the first. Also have heard of always collecting a full months rent even if they start on the 15th and then prorate the second month as 15 days.
Your thoughts.....and thank you very much!
D --107.77.xxx.x |
Tenant lease starts 15th (by Mike45 [NV]) Posted on: Jul 16, 2019 3:12 PM Message:
I would accept the amount of the SD as a Holding Fee, with the rent and any other move-in fees to be paid before move-in.
As to rent, there are two options.
1. I would collect one month's rent on move-in, and the rent due date will be that day of the month -- that is, if move-in is the 15th, the rent could be due every month on the 15th.
2. I would collect one month's rent on the 15th, and then the prorated month's rent on the first, with a full month's rent due on the first every month thereafter.
I would not accept the roughly one-half month's rent on the move-in date.
--71.38.xx.xxx |
Tenant lease starts 15th (by myob [GA]) Posted on: Jul 16, 2019 3:13 PM Message:
I don't hold property more then a few days-- but never without the holding fee. UNFAIR T/S*** life's unfair-- you are in business. This is exactly how tenants get the upper hand out of the gate-- we-- LL's empower them be doing what they want.
Any move in pre 15th we will do deposit and day rate for the 15 or more days. Sign after the 15th and one month rent upfront and prorated days the 20th of the next month-- along with deposit. Deposit/holding fee must be tendered immediately upon approval. Lease is 12 month minimum and we adjust end date to our schedule not theirs. --99.103.xxx.xxx |
Tenant lease starts 15th (by WMH [NC]) Posted on: Jul 16, 2019 3:15 PM Message:
I agree with the use of the word 'unfair.' What exactly is unfair about paying the deposit and rent at lease signing?
That said, we usually sign leases aways out from actual start date, so I take full deposit (which equals $500 more than whatever rent is, so on $1200 place, $1700 deposit.) Then first month's rent is due on or before the start date, before they get the keys.
It depends on you if you want to pro-rate or not. I just start my leases on the day they start, so the rent period is from the 15th to the 14th. Nothing magic about the first. Except that if you get too many different dates going, you have more tracking to do figuring out who has paid rent. Then again, you can end up with income all month long. --50.82.xxx.xx |
Tenant lease starts 15th (by S i d [MO]) Posted on: Jul 16, 2019 3:50 PM Message:
Wait a minute...tenant wants you to hold a property vacant for him until Aug 15th, meaning you eat the loss of one month's rent, and what you're asking for is "unfair"?
Oh my. I would've laughed, rejected his app on the spot for being completely illogical, and let him go find somewhere else to live.
For the future: fix your application. It should clearly state that you do NOT hold property vacant for anyone longer than x-days and that you require $XXX up front as a FEE to hold the property vacant for them. I will hold for up to 2 weeks, our holding FEE (not a deposit) is $400. Our rents are around $600, fyi for comparison.
If they sign the lease, the FEE gets applied to the security deposit, but it is a FEE up until that time. They are paying for TIME. If they fail to sign a lease and pay the remaining move-in costs for for any reason whatsoever, there is zero refund. That way everyone is clear 100% about what the expectation is up front and if they don't want to apply under your terms they can go elsewhere.
Regarding mid-month rentals. We do it all the time. Collect a full month's rent up front, then prorate the second month's rent by x-days to get their due date to the 1st or whatever payment plan they choose. We offer weekly, bi-weekly, and bi-monthly payment options, in addition to the traditional monthly rate. Shorter time-periods result in a premium. For example, bi-weekly is half the monthly rate + 10% rounded up the the nearest $5. Whatever two parties can work out together can happen. My suggestion to you is have all the various plans that are acceptable to you ready up front and let the tenant pick which one of the options they want. That way you never have to negotiate away something you desire. I learned this lesson the hard way and allowed tenants to talk me into all kinds of craziness back in the day. Nope: now if they want to do something I present them 3-4 choices, all of which make me happy. If they do not like my options, they may go elsewhere. --107.216.xxx.xxx |
Tenant lease starts 15th (by Deanna [TX]) Posted on: Jul 16, 2019 4:05 PM Message:
I don't mind having rent due on the 15th every month. The rental period goes from July 15th-Aug 14th, Aug 15th-Sept 14th, Sept 15th-Oct 14th, etc.
I'll ask them if it matches their income cycle-- or if they'd prefer to have it due on the 1st. But many of my tenants get paid weekly or twice a month, and many of them prefer to not have all their bills come due at the beginning of the month. --96.46.xxx.xx |
Tenant lease starts 15th (by Jim In O C [CA]) Posted on: Jul 16, 2019 5:00 PM Message:
All my rents are due on the first. If someone moves in mid-month they pay 30 days in advance and on month 2 they only pay half of the month as a proration. Month 3 is due on the first. This is in addition to the security deposit. --174.213.x.xxx |
Tenant lease starts 15th (by AllyM [NJ]) Posted on: Jul 16, 2019 5:00 PM Message:
I think you have two problems here. Tenant wants you to lose a month's rent and doesn't have one month security. So he or she is living "hand to mouth". Tenant is paying rent somewhere else I suppose. I might start the lease on August 1 and give the applicant two free weeks but the security has to be paid and the rent has to be paid and what you see here is a tenant with very little money who will miss a lot of payments. Next. --173.61.xxx.xx |
Tenant lease starts 15th (by Pmh [TX]) Posted on: Jul 16, 2019 6:00 PM Message:
they think it is “unfair”.....I would send them on their merry way with best wishes...as you should...already giving you hassle.. --70.119.xxx.xxx |
Tenant lease starts 15th (by Sean [OR]) Posted on: Jul 16, 2019 7:17 PM Message:
Like others have said, keep the deposit to hold. Full month's rent is due on move in and then next month's is pro-rated.
I agree with the others that the 'unfair' comment is probably a red flag. How did the applicant screen other than that comment? --47.28.x.xxx |
Tenant lease starts 15th (by dino [CA]) Posted on: Jul 16, 2019 8:25 PM Message:
O.K., 3 points to be made.
Point #1: The others are right, the entitled attitude we see these days with the use of the word "unfair" is a red flag. You need to get a good feel for whether this potential tenant is living month-to-month and is stretched too thin financially with no savings. You didn't comment on the results of your check on the applicant.
Personally, if the unit is ready to go on the first, I would tell everyone that the lease will begin on the first. If the applicant isn't able to manage that, then you have your answer. That means the "unfair" comment should be replaced with "cannot afford the rent on a consistent basis, one unexpected expense away from eviction".
Point #2: If it is a good potential tenant that you want and are willing to give up a few weeks rent to have him as your tenant, then just use a holding deposit which he loses if he doesn't comply with the agreed upon date for signing and paying. No keys or entry until everything signed and paid. No keys No entry. No keys. Not even to drop off a few boxes early. No keys. No entry.
Point #3: I have NEVER accepted anything less than a full months rent at move-in along with whatever deposit is required. Maybe it would not be a problem in your area, but in my neck of the woods, there are tenants and their lawyers just itching to claim that the first rent payment establishes the monthly rent. In a rent stabilization or rent controlled jurisdiction, disaster big-time if not careful. Stuck with a fraction of the rent, with small limit on annual increases, and just cause eviction laws preventing removal of tenant.
The entitled attitude, if that's the case here, is just the same type of person that believes a small fraction of the rent is all they should have to pay if they can somehow manage to pull off the fraud.
--142.129.xxx.x |
Tenant lease starts 15th (by David [NC]) Posted on: Jul 16, 2019 8:51 PM Message:
Money Due At Lease Signing =
Base Rent or Prorated Amount $600 1/2 month
Additional Animal Rent $25 1/2 month
Animal Registration FEE $250
Security Deposit $1300
TOTAL DUE NOW $2175
Money Due on the First of the Month
Base Rent $1200
Additional Animal Rent $50
TOTAL DUE NEXT TERM $1250
If they start mid month I prorate the 1st month until they get to the 1st of the month. I am also will now institute Jeffrey's suggestion to only allow the term to end between March and October. No more will I have a lease end Nov, Dec, Jan, or Feb.
--65.188.xxx.xxx |
Tenant lease starts 15th (by Vee [OH]) Posted on: Jul 16, 2019 9:40 PM Message:
Same as Sean above, no keys are issued until move in money is paid in full, the holding fee converts to deposit when remaining monies are satisfied - I collect double rent value deposit but I know about half on here are still working with just one month value, certified funds only meaning money orders of cash. --71.150.xxx.xxx |
Tenant lease starts 15th (by Still Learning [NH]) Posted on: Jul 16, 2019 10:11 PM Message:
Unfair=problem
Not having the money=future problem when the car breaks down and rent is due the same week
I don’t have a problem with someone questioning having to pay full month of rent when they are only going to be there 15 days, but it is all in how they question, what they say and why they say it. Your prospect doesn’t sound like they asked in a reasonable/respectful way... next.
--107.77.xxx.xxx |
Tenant lease starts 15th (by razorback_tim [AR]) Posted on: Jul 16, 2019 10:17 PM Message:
Security deposit and one months rent due.
Collect a half month on the 15th of the next month.
Go back and review whether you really want to rent to this guy. He is likely to complain about every little thing IMO. --40.140.xx.xxx |
Tenant lease starts 15th (by MC [PA]) Posted on: Jul 17, 2019 7:12 AM Message:
Holding FEE. One full month's rent prior to move in and on the second month the 15 days. We have done leases on the 15th and after awhile it became a PITA with various issues. We then went back to all rent is due on the 1st with new tenants. --73.230.xxx.xx |
Tenant lease starts 15th (by MC [PA]) Posted on: Jul 17, 2019 7:14 AM Message:
It was amazing how they forgot the rental dates during move out. Worked well for awhile though. Depends on how you stick with it. Had to change all my paperwork for a long time about different dates that notices/late fees would be charged. Just went easier going with the first. It became all about easy with us. --73.230.xxx.xx |
Tenant lease starts 15th (by Drew [CO]) Posted on: Jul 17, 2019 8:03 AM Message:
So it sounds like their lease doesn't start until the 15th, yes? I have a "holding property off market" agreement that I use, along with taking the equivalent of the security deposit ($895) that is non refundable to hold, but turns into the actual security deposit at move in. The maximum time I will hold a place is two weeks (and that is really at my edge). If someone asks me for a month, i will ask them if they will meet me halfway. They dont have to move in, but they start paying rent and we do lease. Then anytime someone moves in mid month, I always have them pay one full month's rent and security deposit if they haven't already. Their prorated rent from first month can be paid for the 2nd month. I flip them so I don't have someone move in the 24th and pay a little over $100 to move in. No one ever squawks. --172.58.xx.xxx |
Tenant lease starts 15th (by pg [SC]) Posted on: Jul 17, 2019 8:20 AM Message:
I agree with dino CA point one. Please note when you get in hurry to rent you miss the flags and UNFAIR is a big... red flag. What else will he say is unfair when he gets in the house. Do yourself a favor and send him down the road. --72.173.xxx.xxx |
Tenant lease starts 15th (by Scott [IN]) Posted on: Jul 17, 2019 8:35 AM Message:
This potential tenant might just want to give his current landlord a proper 30 day notice, suggesting that he might be a responsible tenant for you as well. I've had this conversation with applicants many times. I tell them that if approved, they can sign a lease and pay move-in money now, or I will continue to advertise and show, and they can gamble I don't rent it to someone else in the meantime. --107.141.xx.xxx |
Tenant lease starts 15th (by Doogie [KS]) Posted on: Jul 17, 2019 9:24 AM Message:
I prorate the first month, but I think that's about the only difference I see from other posters. I do require first month's rent and deposit before I will release a key. --68.102.xxx.xx |
Tenant lease starts 15th (by MC [PA]) Posted on: Jul 18, 2019 2:04 PM Message:
So, what is the outcome? --73.230.xxx.xx |
Tenant lease starts 15th (by D [NE]) Posted on: Jul 18, 2019 7:58 PM Message:
Thank you all for your excellent comments. I really appreciate your feedback and wise thoughts!
Wishing you all the very best --107.77.xxx.x |
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