 A first & stats (by Laura [MD]) Sep 27, 2020 4:14 PM
 A first & stats (by NE [PA]) Sep 27, 2020 4:20 PM
A first & stats (by Still Learning [MH]) Sep 27, 2020 4:31 PM
A first & stats (by myob [GA]) Sep 27, 2020 4:56 PM
A first & stats (by WMH [NC]) Sep 27, 2020 5:20 PM
A first & stats (by plenty [MO]) Sep 27, 2020 5:23 PM
A first & stats (by 6x6 [TN]) Sep 27, 2020 5:47 PM
A first & stats (by BRAD 20,000 [IN]) Sep 28, 2020 1:19 AM
A first & stats (by BRAD 20,000 [IN]) Sep 28, 2020 1:21 AM
A first & stats (by Laura [MD]) Posted on: Sep 27, 2020 4:14 PM
Message:
Well this is a first for me. I am renting. (have satisfactory applicants) a property currently occupied a month before it becomes vacant.
First here are the states: Put on market Sept 3rd, $150 over current rent. To date 237 responses (i.e. is it still available, etc.). Of the 237 responses 107 filled out my prequal google forms. Scheduled and performed 10 showing & 1 no show (after confirming). to date 1 excellent applicant. I only did showings for excellent applicants.
Now the first....Current applicant who has been very cooperative is purchasing a house. they are closing Sept. 28th, it is going to happen. Moving out Oct 31, so they have time to fix some stuff in new house. New tenants moving in Nov.1 The current tenants are the neatest i have ever had. Closets organized like this I have never seen before. She spent 10 minutes explaining to me how the closets were organized. While i don't know what condition the property will be in when they leave Oct., 31, based on current condition I have high expectations. Now my questions. 1) how do I do a less than 24 hour turnover? 2) How do I lock in tenants/applicants a month before move in date. I would be nervous about turning over money to someone a month before occupancy. --108.56.xxx.xx |
A first & stats (by NE [PA]) Posted on: Sep 27, 2020 4:20 PM
Message:
Take a holding fee from them, but I wouldn't guarantee them a 24 hour turnover. --70.44.xxx.xx |
A first & stats (by Still Learning [MH]) Posted on: Sep 27, 2020 4:31 PM
Message:
Your current tenants are giving themselves a month between closing and being moved out. Negotiate a move out date and prorate last months rent to a date you are comfortable for the turnover. 25th, 28th, etc. If the new tenants want the rental they can sign a lease and pay the security deposit. If not, move on to the next. --107.77.xxx.xx |
A first & stats (by myob [GA]) Posted on: Sep 27, 2020 4:56 PM
Message:
Explain just as you did to us now. As NE said take the "off the market fee" and just for you I'm locking you in.
Can't guarantee anything until have the keys in hand. Your explanation as mentioned should do it. --99.103.xxx.xxx |
A first & stats (by WMH [NC]) Posted on: Sep 27, 2020 5:20 PM
Message:
Laura, Deep Breath! I do this All.The.Time.
Stay in contact with your current great tenant, I used the "Keep me posted!" text all the time.
I've never had an issue with a tenant wanting to lock in a place early! It gives THEM security to give notice, start packing, etc.
I have NEVER - knock wood - had a tenant NOT vacate as agreed, even if they ended up in a hotel (on their own dime) for a few nights. --50.82.xxx.xxx |
A first & stats (by plenty [MO]) Posted on: Sep 27, 2020 5:23 PM
Message:
I did this twice. You can do it. Start Arranging services needed. Get your paperwork in order. Take a holding fee that applies yo deposit. Sign the lease. Collect first month's rent on the due date. My guess is your move out will not need a month to move. People get excited and hurry up the process, when they are this organized they build in grace days just incase. My guess is you'll have access to the home before their last day and you can touch up paint and clean or whatever in their last days. Schedule their walk thru now if your state requires that. Very exciting not to miss a beat. I did it twice on the same property and it was easy if some prepared thought is given. You got this! --99.203.xx.xx |
A first & stats (by 6x6 [TN]) Posted on: Sep 27, 2020 5:47 PM
Message:
Sounds like that you are off to a great start. I do not have any experience at this but the Turnover Queen is here. I wish you well. Let us know how it goes. --73.120.xx.xxx |
A first & stats (by BRAD 20,000 [IN]) Posted on: Sep 28, 2020 1:19 AM
Message:
Laura,
Congrats and it was great seeing you again on the Roundtable. You always add a lot to our discussions.
Quick thoughts:
Cooperative and neat is (should be) NORMAL. We stick to the terms of the lease. No extra discounts out of my pocket. EVERYONE treated the same and fairly - by the lease.
Buying a house does let them out of a lease. THIS is what an ELT is for - the hassle factor - extra energy you have to expend to re-rent plus this 24 turnaround dilemma.
Closing are cancelled or postponed every day. It’s not closed until they sign and pay. Had a recent flip closing pushed back ANOTHER 45 days. Even then there can be delays.
My lease is clear: holdover rent is for such situations.
I have never had a real problem with fast turnovers. The current res usually leaves before the end of the month and the new one does not need it on the first. A little coordination goes a long way.
BUT gotta stay on top of the exiting res, reminding them the new person gets the keys on the first.
Lock in: a depsoit will not help. Deposits are meant to be returned.
Me? We sign the new lease and they pay the RENT. Or icharge a non-refundable holding fee. People are flaky and the new res is a month away. A lot can happen in 30 days to change their minds.
Also, we keep a few applicants “in the hopper” in case my new res flakes out.
20 showings? Ouch! You are reminding me of my old days. Paid application, screened, THEN show.
BRAD --73.102.xxx.xxx |
A first & stats (by BRAD 20,000 [IN]) Posted on: Sep 28, 2020 1:21 AM
Message:
Oops!
Buying a house DOES NOT let the out of a lease.
BRAD --73.102.xxx.xxx |
Reply:
|
|