Another ETF! (by S i d [MO]) Sep 21, 2022 1:12 PM|
Another ETF! (by DJ [VA]) Sep 21, 2022 2:20 PM
Another ETF! (by RB [TN]) Sep 21, 2022 3:25 PM
Another ETF! (by GY [NC]) Sep 21, 2022 3:49 PM
Another ETF! (by Lenny [MD]) Sep 21, 2022 5:21 PM
Another ETF! (by Bonanza [NC]) Sep 21, 2022 6:32 PM
Another ETF! (by Vee [OH]) Sep 21, 2022 6:44 PM
Another ETF! (by 6x6 [TN]) Sep 21, 2022 8:24 PM
Another ETF! (by Hoosier [IN]) Sep 22, 2022 3:01 AM
Another ETF! (by S i d [MO]) Sep 22, 2022 8:12 AM
Another ETF! (by Jeffrey [VA]) Sep 22, 2022 9:52 AM
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Another ETF! (by S i d [MO]) Posted on: Sep 21, 2022 1:12 PM
Just collected another ETF yesterday! Young lady is getting married and wants to get into a bigger place with her hubby-to-be before winter. I found out about this when she went in to apply at another rental company and they called me for a reference. I mentioned she was in a lease with us that didn't expire for 4 more months. To get her application approved, she paid the fee on the spot through ACH to our bank. Boom, baby!
She's moving out in a week. I'll have all of October to find her replacement since her notice requires 30 days minimum and must be received on or before the 1st of the month which ends the lease. She has a 721 credit score...plenty of motivation to pay, plus we screened her carefully coming in and she has every reason to do the right thing by us.
Ask, and ye shall (often) receive. Don't ask, and ye shall definitely never receive.
Another ETF! (by DJ [VA]) Posted on: Sep 21, 2022 2:20 PM
Isn't it great when the new rental company contacts the previous (AKA does proper screening) and we can all help each other out? --68.229.xxx.xxx
Another ETF! (by RB [TN]) Posted on: Sep 21, 2022 3:25 PM
Another ETF! (by GY [NC]) Posted on: Sep 21, 2022 3:49 PM
Excellent process. --136.56.xxx.xxx
Another ETF! (by Lenny [MD]) Posted on: Sep 21, 2022 5:21 PM
Sounds good, how much iis the Early Termination Fee and how does that compare to the actual rent?
I have a current Class A renting at $2850 to a military physician, so I don't know if the EFT would work in that situation. Hasn't said he's staying past Feb when his lease ends. However, I've had more than one instance of someone leaving early. It's an easy rental, but still the fee sounds good. --100.15.xxx.xxx
Another ETF! (by Bonanza [NC]) Posted on: Sep 21, 2022 6:32 PM
my early lease termination fee is 1.5x the rent --65.188.xxx.xxx
Another ETF! (by Vee [OH]) Posted on: Sep 21, 2022 6:44 PM
Very good Sid - early termination is softer with renting than with a mobile phone contract, phone carrier wants the -entire remainder of time paid-, rental termination is mostly 2 times monthly rent value. There is plenty to read on the topic by using the search tool above. Other topics as well. --76.190.xxx.xxx
Another ETF! (by 6x6 [TN]) Posted on: Sep 21, 2022 8:24 PM
Nice going Sid.
What if the other rental company had not called you, how would things have played out? --73.113.xxx.xxx
Another ETF! (by Hoosier [IN]) Posted on: Sep 22, 2022 3:01 AM
Great story…I’ve collected 3 over the years…pretty good for the few properties I have. --99.92.xxx.xxx
Another ETF! (by S i d [MO]) Posted on: Sep 22, 2022 8:12 AM
Lenny, mine is about 1.5 months of rent, rounded up to the nearest $100. I don't see why an EFT wouldn't work for you. Tell me why you think it wouldn't work. A lease is a lease whether the rent is $500 or $5000: it's an agreement to rent for X-months at $Y per month. Not sure why more expensive ones are any different, especially if it's written into your lease that this is the deal and everyone agrees to it, as attested by their signatures.
6x6, not much would have changed. At some point, the tenant would be letting me know she was moving out and the discussion would have been the same at that point. Again, the KEY to GETTING the ETF is you have to rent to tenants who have a vested interest in doing the right thing by the land lord. Her 721 credit score and excellent references were a track record she has worked hard to build: why mess that up over a fee equal to 1.5 months of rent? The folks here who say "ETFs don't work" also post about all the many problems they have with their tenants of lower caliber. We must always remember that leases aren't magic spells that turn liars into honest people. It's my job to find GOOD tenants, regardless of what market I'm in. I find GOOD Class C tenants: they have good land lord references, solid income, reasonably okay credit (I have no minimum score, but the reports that aren't very cluttered average around 610-620), few if any recent blips on their background, no unpaid evictions and are cooperative with the application process. They're good people, but often they just don't have a lot of money or are renting cheap to save up for something better.
On that note: what about ETFs for people who don't have a lot of money? I have occasionally split up an ETF into payments. All were paid as agreed. There is a charge of course. Example: ETF = $1200. Pay all at once before move out, or pay $450 at move out and 2 more monthly payments of $450. Total of $1350 for the payment plan. Or if they are bi-weekly, I require $225 per bi-weekly.
Another ETF! (by Jeffrey [VA]) Posted on: Sep 22, 2022 9:52 AM
Lenny, you are right, to be careful enforcing ETF with military personnel. A federal law called the Servicemember Civil Relief Act (SCRA) may allow an active duty member out of a lease without penalty. Recently a couple of landlords in Virginia agreed to pay $225,000 to resolve allegations that they violated the Servicemembers Civil Relief Act. --70.161.xxx.xxx
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