ELT, with example (by Cue [SC]) Apr 11, 2021 7:20 PM|
ELT, with example (by razorback_tim [AR]) Apr 11, 2021 7:39 PM
ELT, with example (by plenty [MO]) Apr 11, 2021 8:24 PM
ELT, with example (by Jerry [MA]) Apr 11, 2021 9:13 PM
ELT, with example (by Cue [SC]) Apr 11, 2021 10:07 PM
ELT, with example (by JB [OR]) Apr 11, 2021 10:48 PM
ELT, with example (by BRAD 20,000 [IN]) Apr 12, 2021 12:35 AM
ELT, with example (by Nicole [PA]) Apr 12, 2021 12:59 AM
ELT, with example (by Barb [MO]) Apr 12, 2021 10:02 AM
ELT, with example (by Cue [SC]) Apr 12, 2021 11:17 AM
ELT, with example (by S i d [MO]) Apr 12, 2021 11:18 AM
ELT, with example (by cjl [NY]) Apr 12, 2021 12:07 PM
ELT, with example (by Jerry [MA]) Apr 12, 2021 12:27 PM
ELT, with example (by 6x6 [TN]) Apr 12, 2021 2:33 PM
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ELT, with example (by Cue [SC]) Posted on: Apr 11, 2021 7:20 PM
I feel like I should apologize by asking another ELT question. I did conduct a search on the Q&A forum (2020 search). I did see some good information (thanks), and attempted to resurrect a thread by asking this question. But didn't work so I started a new thread.
I'd like to give you an example based on (Brad's 60-day notice [2 calendar months] requirements. Will you let me know if my understanding is correct?
Rent term is June 1, 2021 through May 31, 2022. Rent is $1,375.00/month. Tenant submits written notice on December 15, 2021 of her intent to break the lease. She wants to pay the ELT and associated fees. Is my understanding correct (using Brad's 60-day notice criteria):
Tenant would owe $5,500. (ELT of $2,750.00 plus January 2022 and February 2020 rent). And tenant vacates by December 31, 2021.
Then in 30 days I would refund the security deposit (in accordance with the Law).
I might have another question based on your responses (thank you to any of you who will reply), but that's my question for now.
ELT, with example (by razorback_tim [AR]) Posted on: Apr 11, 2021 7:39 PM
I believe the tenant would have the right to possess the property through the end of February in the example you gave. Of course she could move out early if she wanted to. --70.178.x.xx
ELT, with example (by plenty [MO]) Posted on: Apr 11, 2021 8:24 PM
Your dates Don't work, are the years right? --172.56.xx.xxx
ELT, with example (by Jerry [MA]) Posted on: Apr 11, 2021 9:13 PM
Following on Tim's points, if you re-rented the unit before the end of Feb, you would need to return any rent that the former tenant paid for that time. --71.233.xxx.xx
ELT, with example (by Cue [SC]) Posted on: Apr 11, 2021 10:07 PM
Plenty... a future example. February 2022, my typo.
(Tim) It doesn't seem like a penalty if tenant could stay through end of February.
Are you saying (in the hypothetical example) tenant could pay $2,750, move out end of December, and lose the $1,375 security deposit?
So what about 60 day notice? :-) --174.194.x.xx
ELT, with example (by JB [OR]) Posted on: Apr 11, 2021 10:48 PM
Cue, you need to look up what is legal in your state. Some states have limitations on what you can charge. --73.25.xx.xxx
ELT, with example (by BRAD 20,000 [IN]) Posted on: Apr 12, 2021 12:35 AM
Absolutely check YOUR state's laws.
MY judge in MY city says we can do whatever we want with the property once the res turns over possession, not considered double dipping.
Very important: The ELT is a FEE, spelled out the the lease as a FEE, NOT as a factor of the rent. MY judge says we cannot charge more rent once they move out but WE have no limit on FEES.
I agree with your example, in fact it is spelled out clearly in my lease, like your example.
We will apply the deposit to any unpaid rent and damages, with the remaining deposit balance applied to the ELT and the 60 of rent. Helps soften the blow.
We encourage residents to turn over possession rather than elbow us out during those 2 months by reminding them "Vacant houses attract vandals, rocks, fires, graffiti, squatters, druggies, etc and the res would be responsible for those things while they retain possession."
We do have many people who choose to stay the term of the lease - which is OUR goal, reducing turnover. We know when they will be leaving , don't have to worry about it now, and have time to prepare the curb appeal and start marketing to minimize our turnover gap.
Don't be shy. MANY people are happy to pay this to move on.
I just finished a move out deposit settlement before reading your post. The wife wanted off the lease so she quickly paid $1875 to walk away from her husband and his dog.
(Apparently the dog was a source of contention in the marriage)
ELT, with example (by Nicole [PA]) Posted on: Apr 12, 2021 12:59 AM
I need to find a new niche with either properties or tenants or both. The time I can find a tenant to pay 4 months rent in order to leave and pay rent somewhere else will be the day I decide to rethink the exit strategy I have been working on. --72.70.xxx.xx
ELT, with example (by Barb [MO]) Posted on: Apr 12, 2021 10:02 AM
I have a lot of college student rentals. They LOVE the early buy out fee option - many of them can get their employer to pay the fee for them as part of their start up package!
ELT, with example (by Cue [SC]) Posted on: Apr 12, 2021 11:17 AM
Barb, I have college student rentals also. An August 1 lease start date is great until the tenant graduates in May! (They know the deal, lots of kids just ask anyway). I don't know if you are willing to email me to volley this discussion back and forth (still struggling) but ... ss properties 75 at geemail (sp) dot com. No spaces. Or anyone! I sat with Plenty at 2014 convention lunch (you bought your ticket from.me), filmed Brad standing on a chair yelling Freedom. I enjoy the forum,however my nature is to be an observer ;-) --174.245.xxx.xx
ELT, with example (by S i d [MO]) Posted on: Apr 12, 2021 11:18 AM
Yep, your numbers look correct to me.
I haven't made enough on ELTs to buy a Porsche yet, like Brad, but it has boosted our income as we usually get 3-4 of them per year. Several thousand extra bucks is never a bad thing!
ELT, with example (by cjl [NY]) Posted on: Apr 12, 2021 12:07 PM
My only confusion is are YOU making the tenant leave by the 31st of December or is that when the tenant is stating they want to vacate?
Outside of that, as long as they pay everything, sure. My lease (ELT clause) typically will state you still need to provide the 30 day notice (minimum) and you need to pay while you are still here ... so if they provided me with a 15 day notice to vacate ... that wouldn't necessarily fly with mine. However, if they were GOOD tenants and PAID everything (the ELT notice) as they provided the notice I MAY allow it. I mean, typically this is used for people that ended up getting a job offer and have to move so that's "fine".
If they are just moving because the place isn't big enough or whatever and they just happen to find another one then I'd question a bit more (such as ... they would KNOW they were looking for another apartment and should have provided that information to me) vs looking for a job OR a job MAY just reach out to them (I've had that happen where I had a professor that was contacted by a head hunter and they ended up taking the job out of state - they weren't "actively looking" for another job.
The ELT fee is not intended to be given back if you find another tenant within those two months. The intent is that it MAY take you that amount of time to re-rent it as many times it is in the middle of a time you DO NOT want to be vacant (such as this example - Winter). Obviously, it depends on your location and the cycles. --67.242.xx.xx
ELT, with example (by Jerry [MA]) Posted on: Apr 12, 2021 12:27 PM
Cue: "So what about 60 day notice?"
They have possession during the 60 days. --71.233.xxx.xx
ELT, with example (by 6x6 [TN]) Posted on: Apr 12, 2021 2:33 PM
I am thinking as Jerry.
What about the 60 day notice?
That would mean that they basically move out at the end of February. They would pay double rent for 2 months. --73.120.xx.xxx
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