Doesn't have rent yet (by Duplexer [IL]) Sep 22, 2022 4:56 PM|
Doesn't have rent yet (by Robert,OntarioCanada [ON]) Sep 22, 2022 5:12 PM
Doesn't have rent yet (by mapleaf18 [NY]) Sep 22, 2022 5:17 PM
Doesn't have rent yet (by Jason [VA]) Sep 22, 2022 5:25 PM
Doesn't have rent yet (by Sorta Blonde [CA]) Sep 22, 2022 5:31 PM
Doesn't have rent yet (by Hoosier [IN]) Sep 22, 2022 5:33 PM
Doesn't have rent yet (by Sisco [MO]) Sep 22, 2022 7:03 PM
Doesn't have rent yet (by MikeA [TX]) Sep 22, 2022 9:08 PM
Doesn't have rent yet (by Robert J [CA]) Sep 23, 2022 12:14 AM
Doesn't have rent yet (by plenty [MO]) Sep 23, 2022 8:05 AM
Doesn't have rent yet (by Oregon Woodsmoke [ID]) Sep 23, 2022 10:37 AM
Doesn't have rent yet (by melinda [MD]) Sep 23, 2022 2:07 PM
Doesn't have rent yet (by David L. [OH]) Sep 27, 2022 12:35 PM
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Doesn't have rent yet (by Duplexer [IL]) Posted on: Sep 22, 2022 4:56 PM
Wondering if anyone has gotten into this situation before.
I've had many many people asking about an apartment, but of course few who look worth the risk. Perhaps I've been excessive in my vetting, but so be it.
Its been HARD PICKINGS to say the least.
I finally now have an older couple who put a Security Deposit down, but won't have first month's rent until the 3rd of October, their move-in date. This is because the woman gets a disability benefit. We have however, gotten rave reviews for the husband, who has a home fixit man business. Which is surprising.
Really surprising, actually. So thinking about taking a gamble on them. This is after one applicant after another has fallen through.
However... how to do this? If we simply hold the apartment for them and then they bail on the 3rd and don't show, we're burned. That's 9 days the place sat vacant we could be interviewing. But if I write up a lease and get them to sign it now so they're bound, that's giving them possession without first month's rent.
Does this make sense?
Bear in mind its been murder finding a good tenant.
We'd all like the perfect tenant, but I've got to bend somewhere or I'm going to go bankrupt waiting. And as my father says, "Its not like you're in prime real estate. Most places don't put people through what you're doing. You're lucky in that neighborhood if you're not renting to criminals....."
Doesn't have rent yet (by Robert,OntarioCanada [ON]) Posted on: Sep 22, 2022 5:12 PM
Absolutely do not accept a cheque as a stop payment or even a dollar less then the cheque will bounce. Make sure they understand that cash only. If utilities are not included then make sure they have utilities in their name as once in then the utilities will never signed up. Also was a thorough credit check done on all adult applicants where if seven hundred and above or into unknown situation. --68.69.xxx.xxx
Doesn't have rent yet (by mapleaf18 [NY]) Posted on: Sep 22, 2022 5:17 PM
what happened to the mom with the kids? she sounded like a better bet. No keys until cash or cashier's check is in hand. period.dot. --72.231.xxx.xx
Doesn't have rent yet (by Jason [VA]) Posted on: Sep 22, 2022 5:25 PM
Is this the one with the recent $5K eviction, or the one recently evicted from the trailer park? --172.58.xxx.xxx
Doesn't have rent yet (by Sorta Blonde [CA]) Posted on: Sep 22, 2022 5:31 PM
I had anolder couple for 10 years. Then they retired. The government retirement checsk get into their bank account on the 3rd of each month, so we all agreed to move the 'rent due' day from the 1st to the 3rd. Never had a problem. However, your newbies are just starting and I'd look carefully. Could be a good thing, if they are honest and responsible. You won't know until it happens. I'd take a chance on retirees any day given that my crew was really good. It's always potluck with a new tenant situation. --174.65.xxx.xx
Doesn't have rent yet (by Hoosier [IN]) Posted on: Sep 22, 2022 5:33 PM
Did you read Sid's post elsewhere on a hold fee? Try that.
Did you accept their money as a "security deposit" instead of a hold fee? You should have done it differently, saying it was a hold fee that would be converted to a deposit if they sign the lease and move in.
I'd keep interviewing but be honest with potentials and tell them you have some pending applicants in front of them.
Also, why do you have to give them the keys when you sign the lease? Sign the lease with a move-in date in the future, and state that keys will not be given until they pay first month's rent. Add any legal clauses to the lease that you can to clean this issue up.
Maybe you can draft a new document that converts the SD they gave you to a "hold fee" that will be converted once they move in? --99.92.xxx.xxx
Doesn't have rent yet (by Sisco [MO]) Posted on: Sep 22, 2022 7:03 PM
Stop listening to your father about tenant screening. Listen closely to the people on this forum.
Donít take your house off the market until you have signed lease and have collected all fees due.
I would not lease to uncollectable disability tenants.
Improve your marketing efforts, your business survival is at stake. Work at it, figure it out. The answer to your problems is most assuredly not in lowering your screening standards. --107.77.xxx.xxx
Doesn't have rent yet (by MikeA [TX]) Posted on: Sep 22, 2022 9:08 PM
"So thinking about taking a gamble on them"
Do you want to go ahead and write a post about how bad your tenants are now or wait until this goes south?
I get the feeling you are your own worst enemy playing Russian roulette when selecting tenants rather than having a set list of criteria you go by when screening. --209.205.xxx.xx
Doesn't have rent yet (by Robert J [CA]) Posted on: Sep 23, 2022 12:14 AM
I would rather have an empty rental than let someone in who hasn't all of the move-in funds. If they don't then when they get a flat tire and then buy a new set of tires for $1000, that will be instead of paying me rent -- all because I can wait and they need tires to drive to work. Never mind they could have purchased a used tire and had it installed for $49. --47.156.xx.xx
Doesn't have rent yet (by plenty [MO]) Posted on: Sep 23, 2022 8:05 AM
I waited two months for the right one . Perish. Next! --172.56.xx.xxx
Doesn't have rent yet (by Oregon Woodsmoke [ID]) Posted on: Sep 23, 2022 10:37 AM
[[[[[...... Perhaps I've been excessive in my vetting, but so be it.......]]]]
Yes, I'm sure that's it. Instead of letting in anyone who tells you that they will be a good tenant, perhaps you should just let in anyone even when they don't promise to be a good tenant. Either one of those choices will probably end up the same. --76.178.xxx.xxx
Doesn't have rent yet (by melinda [MD]) Posted on: Sep 23, 2022 2:07 PM
This doesn'tsound good. Probably will be an ongoing problem. Wouldnt recommend you accept the excuse. Are you really interested in renting to someone who cannot access the necessary funds to make the deal work? --24.245.xx.xxx
Doesn't have rent yet (by David L. [OH]) Posted on: Sep 27, 2022 12:35 PM
When I have a unit empty and a good candidate and they are waiting on their check on the third I...
1. Take the deposit and prorate the rent until the third. No leasing signing. It is a Hold Agreement.
2. If they don't show up to sign the lease on the 3rd, I keep the deposit and I have the rent for the time we waited.
3. On occasion, I have returned 50% of the deposit. It depends on the situation.
It has not failed on me yet. It is like a short term rental at a really high price. --70.62.xxx.xxx
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