Required Move in Funds (by Roy [AL]) Nov 2, 2023 9:58 AM
Required Move in Funds (by S i d [MO]) Nov 2, 2023 10:12 AM
Required Move in Funds (by plenty [MO]) Nov 2, 2023 10:34 AM
Required Move in Funds (by WMH [NC]) Nov 2, 2023 10:39 AM
Required Move in Funds (by Vee [OH]) Nov 2, 2023 10:43 AM
Required Move in Funds (by Small potatoes [NY]) Nov 2, 2023 10:51 AM
Required Move in Funds (by Roy [AL]) Nov 2, 2023 11:12 AM
Required Move in Funds (by WMH [NC]) Nov 2, 2023 11:16 AM
Required Move in Funds (by Roy [AL]) Nov 2, 2023 11:24 AM
Required Move in Funds (by 6x6 [TN]) Nov 2, 2023 12:03 PM
Required Move in Funds (by Ray-N-Pa [PA]) Nov 2, 2023 12:43 PM
Required Move in Funds (by RB [TN]) Nov 2, 2023 12:59 PM
Required Move in Funds (by Ken [NY]) Nov 2, 2023 2:01 PM
Required Move in Funds (by Jim in O C [CA]) Nov 2, 2023 2:07 PM
Required Move in Funds (by DJ [VA]) Nov 2, 2023 2:21 PM
Required Move in Funds (by plenty [MO]) Nov 2, 2023 2:25 PM
Required Move in Funds (by Roy [AL]) Nov 2, 2023 5:01 PM
Required Move in Funds (by WMH [NC]) Nov 2, 2023 7:33 PM
Required Move in Funds (by MikeA [TX]) Nov 2, 2023 8:45 PM
Required Move in Funds (by Pat [VA]) Nov 3, 2023 5:23 AM
Required Move in Funds (by Pat [VA]) Nov 3, 2023 5:23 AM
Required Move in Funds (by Roy [AL]) Nov 3, 2023 9:19 AM
Required Move in Funds (by FloridaNative [FL]) Nov 3, 2023 9:43 AM
Required Move in Funds (by Steve [MA]) Nov 3, 2023 10:30 AM
Required Move in Funds (by WMH [NC]) Nov 3, 2023 10:34 AM
Required Move in Funds (by Ken [NY]) Nov 3, 2023 10:35 AM
Required Move in Funds (by Roy [AL]) Nov 3, 2023 10:53 AM
Required Move in Funds (by Oregon Woodsmoke [ID]) Nov 3, 2023 11:47 AM
Required Move in Funds (by Jonny [NY]) Nov 3, 2023 2:45 PM
Required Move in Funds (by 6x6 [TN]) Nov 3, 2023 3:09 PM
Required Move in Funds (by Roy [AL]) Nov 3, 2023 4:15 PM
Required Move in Funds (by 6x6 [TN]) Nov 3, 2023 6:13 PM
Required Move in Funds (by Roy [AL]) Nov 4, 2023 5:54 AM
Required Move in Funds (by zero [IN]) Nov 4, 2023 6:14 AM
Required Move in Funds (by Roy [AL]) Nov 4, 2023 10:33 AM
Required Move in Funds (by Ken [NY]) Nov 4, 2023 2:10 PM
Required Move in Funds (by Roy [AL]) Nov 5, 2023 9:43 AM
Required Move in Funds (by BRAD 20,000 [IN]) Nov 8, 2023 12:44 AM
Required Move in Funds (by zero [IN]) Nov 8, 2023 7:16 AM
Required Move in Funds (by WMH [NC]) Nov 8, 2023 8:33 AM
Required Move in Funds (by Ken [NY]) Nov 8, 2023 9:10 AM
Required Move in Funds (by Lucy [IN]) Nov 11, 2023 10:11 AM
Required Move in Funds (by WMH [NC]) Nov 11, 2023 11:17 AM
Required Move in Funds (by Scottballet [MA]) Nov 11, 2023 12:09 PM
Required Move in Funds (by Roy [AL]) Posted on: Nov 2, 2023 9:58 AM Message:
Whenever you approve an applicant, do you require both 1st month's rent + security deposit to be paid in full prior to getting the house keys?
Now, if your applicant has only 1/2 of the required funds and needs to wait till payday for the balance, do you accept this or do you start looking for another applicant that does have the full move-in funds readily available? --71.207.xxx.x |
Required Move in Funds (by S i d [MO]) Posted on: Nov 2, 2023 10:12 AM Message:
All move-in funds (1st rent payment, deposit, pet fees, etc) are required to be paid in certified funds and utilities must be set to transfer into tenant's name on the day the lease begins before handing over keys.
Good tenants won't have a problem with this. Bad tenants will ask "Can you work with me?"
--70.57.xx.xxx |
Required Move in Funds (by plenty [MO]) Posted on: Nov 2, 2023 10:34 AM Message:
All funds paid. Shift the move in date to accommodate if you really want this folks. Just note if this is the case that they are starting off on thin ice. --172.59.xxx.xxx |
Required Move in Funds (by WMH [NC]) Posted on: Nov 2, 2023 10:39 AM Message:
I ask for a large SD of 2x the rent and I market 60 days out, usually signing the lease about 45 days out.
SD is due at lease signing. Rent is due before they get the keys.
I have been known to work with people on the initial SD but I don't offer that anymore. If they are out looking for a place and have not saved up at least that much, they are not very good at money management! --173.18.xx.xxx |
Required Move in Funds (by Vee [OH]) Posted on: Nov 2, 2023 10:43 AM Message:
All funds must be in before keys issued, since 2004 (about the time rent-ometer site became popular just after patriot act required 4 rent as income)I have been 2x rent value for deposit, this is in my ad - there is no hidden surprise about this amount, we took the deposit amount as a holding fee for 2 weeks - you can evict for unpaid rent shortage of deposit results in lost holding fee. --184.59.xxx.xx |
Required Move in Funds (by Small potatoes [NY]) Posted on: Nov 2, 2023 10:51 AM Message:
I would hope my screening knocks that person out, because I want to have an understanding of what funds they have on hand. No keys till SD n one full months rent paid + proof of renters insurance and utility start date.
That said I have 3 current residents who have never been short text me to let me know they have to wait for a paycheck to drop. I take this as a sign that inflation has decimated even those w some savings,and will pay close attention when lease renewal comes around. --172.59.xxx.xxx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 2, 2023 11:12 AM Message:
Lately it has come to my attention just how broke some applicants with good paying jobs really are. It is like their net worth is determined by the amount of their next paycheck.
--71.207.xxx.x |
Required Move in Funds (by WMH [NC]) Posted on: Nov 2, 2023 11:16 AM Message:
You are right, Roy, what a phrase: "Net worth is determine by their next paycheck." --173.18.xx.xxx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 2, 2023 11:24 AM Message:
WMH,
Let me get this straight here. Your tenants sign the lease 45 days before they get the keys to the house? Why do you do this? My lease transfers possession at the moment the applicant signs my lease and pays all move-in funds. --71.207.xxx.x |
Required Move in Funds (by 6x6 [TN]) Posted on: Nov 2, 2023 12:03 PM Message:
I guess I am a little confused by your question.
How have you handled it before in the past?
Approved applicant? I don't see how.
I think (key word there) that lots of people don't budget well. On top of that, after the scamdemic, everyone has spent money like crazy and hasn't seemed to stop yet. --73.190.xxx.xxx |
Required Move in Funds (by Ray-N-Pa [PA]) Posted on: Nov 2, 2023 12:43 PM Message:
When some ask - can you work with me - I answer yes , I accept cash and credit card payments via venmo. Either way they need all funds to get the keys. I have given folks with good credit a discount on deposit - but these are not the folks who you have to worry about.
I can accept someone without all the cash where they have a holding agreement on it, but if some comes along ahead of them they just get the money back if I find someone with cash --24.101.xxx.xxx |
Required Move in Funds (by RB [TN]) Posted on: Nov 2, 2023 12:59 PM Message:
Ready to go, means nothing short of, completely ready to go.
--69.130.xxx.xxx |
Required Move in Funds (by Ken [NY]) Posted on: Nov 2, 2023 2:01 PM Message:
Roy,I would deny someone who cant pay the full first month rent and security right away,why are they even looking if they cant do that? because they are looking for a sucker --74.77.xx.xx |
Required Move in Funds (by Jim in O C [CA]) Posted on: Nov 2, 2023 2:07 PM Message:
All funds period. If you want to borrow money, go to the bank. --174.195.xxx.xxx |
Required Move in Funds (by DJ [VA]) Posted on: Nov 2, 2023 2:21 PM Message:
If they can't come up with the first month's rent, how will they be able to get the second month's rent on time? --68.229.xxx.xxx |
Required Move in Funds (by plenty [MO]) Posted on: Nov 2, 2023 2:25 PM Message:
I ask for two months bank statements. I can see if they budget their money and If they have move in funds. Or if there are charges for overdraft fees --172.59.xxx.xxx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 2, 2023 5:01 PM Message:
I had an open house about a week ago. 10-12 people showed up who had responded to my Zillow Ad. I asked most of them if they had the first months rent and deposit, if I approved their application. Most of them said, 'got the $600 rent but will need to wait till I get paid before I can produce the other $600 for the deposit. This house is in a Class D neighborhood which may explain the responses I got. --71.207.xxx.x |
Required Move in Funds (by WMH [NC]) Posted on: Nov 2, 2023 7:33 PM Message:
Roy, remember I show occupied homes - old tenants give 60 days notice, let's say on October 1st. I list and screen and end up showing 45 days or so out, takes a day or so to do app and background checks. New tenants sign lease for December 1st, pay deposit, and we take the place off the market.
Old tenants can now pack and move in peace by noon on November 30th. New tenants pay rent and transfer utilities before they get the keys at noon on December 1st. --173.18.xx.xxx |
Required Move in Funds (by MikeA [TX]) Posted on: Nov 2, 2023 8:45 PM Message:
I'm clear that they don't get keys until it's all paid. I've walked away from a lease signing because they were $200 short on $1200. Nope, I'm not going to play that game. They knew the rules and are breaking them before we even start. Not going to let that happen. --209.205.xxx.xx |
Required Move in Funds (by Pat [VA]) Posted on: Nov 3, 2023 5:23 AM Message:
Most valuable thing I learned on here:
1. No keys until electricity is in their name (verify).
2. No keys until 1st month's rent & deposit paid in cash.
3. No keys to start moving a few things in (while have help, etc.)
4. No keys until application filled out and checked out.
This is off the top of my head and in no particular order of importance. --216.126.xx.xxx |
Required Move in Funds (by Pat [VA]) Posted on: Nov 3, 2023 5:23 AM Message:
Most valuable thing I learned on here:
1. No keys until electricity is in their name (verify).
2. No keys until 1st month's rent & deposit paid in cash.
3. No keys to start moving a few things in (while have help, etc.)
4. No keys until application filled out and checked out.
This is off the top of my head and in no particular order of importance. --216.126.xx.xxx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 3, 2023 9:19 AM Message:
WMH,
Thanks for the reminder on why you are known as the 'turnover Queen'. You have a great system down pat that I wish I could adapt but here my houses have to be inspected by the city during the turnover period. A city inspection can easily waste 1 week of time during a turnover. --71.207.xxx.x |
Required Move in Funds (by FloridaNative [FL]) Posted on: Nov 3, 2023 9:43 AM Message:
If they have passed all the screening and don't have the funds, then I've made a mistake on screening. All the tenants pay first, last, security + cleaning fee + pet fee (if applicable). They don't get to make payments on move in funds. Yes it's about $8k for the typical move in funds. If they don't have it, they don't get keys. --98.211.xxx.xx |
Required Move in Funds (by Steve [MA]) Posted on: Nov 3, 2023 10:30 AM Message:
Prior to be allowed to get the keys or move anything in I need verification that the gas & electricity have been put into the new tenant's name. I also require that the FMR, LMR, SD equal to FMR & the $100.00 key / lock fee have all been paid. I just sent out an acceptance letter for a vacancy that states all of this plus a few other things such as utility meter numbers, cable / internet info, etc. This particular unit rents for $2,000.00 a month when used as a 1 bedroom or as much as $2,500.00 when used as a 3 bedroom. Even though the couple moving in both have jobs, they will be receiving a subsidy from the state for part of their monthly rent (similar to S8) and will receive the bulk of the $6,100.00 move in monies from RAFT. Since the bulk of the money will be coming from RAFT, I will allow them to move in once all of the paperwork has been signed & they have paid their portion in full. --72.93.xxx.xx |
Required Move in Funds (by WMH [NC]) Posted on: Nov 3, 2023 10:34 AM Message:
Roy, I forgot you were subject to those types of inspections. Horrible.
They can't do that here because of the vacation market. People move in and out on a Saturday or Sunday, every week in the summer and for much of the winter these days. Or they rent for a month or two in the winter.
Long-term rentals are rare, and it's not just a problem for Joe Schmo: the county can't hire teachers or administrators or police because they don't have housing for them...word is they had to turn away over 3000 potential employees over the last few years because of lack of housing. So they ENCOURAGE long-term housing and we actually get THANKED for providing it when we could make a lot more money with short-term rentals. (Too much work, not that much more money but if they think we are wonderful, fine.) --173.18.xx.xxx |
Required Move in Funds (by Ken [NY]) Posted on: Nov 3, 2023 10:35 AM Message:
Roy, you could do what WMH does, you cant wait for city inspections,get it rented, what will the city do if they show up and the new tenant is already in there? i will tell you what they will threaten you to go to court,look the inspector in the eye and say good send me to court,i finally gey my chance to get this law overturned since it is unconstitutional,they will rant and rave but 90% chance they wont send you to court and yes i have done exactly that in my city.Also what will happen if you just dont get the inspections? i bet at least 40% of the landlords dont do it at all --74.77.xx.xx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 3, 2023 10:53 AM Message:
what will the city do if they show up and the new tenant is already in there?
First thing the inspector will do is chew my a$$ out and then I will get a fine from the city's building dept in the amount of $150.00. This fine doubles each time you get caught violating this inspection ordinance. Don't ask me how I know this.
My city makes a fortune from selling worthless building permits (a permit is now required to install a toilet), inspection fees, and other related fines for non compliances. --71.207.xxx.x |
Required Move in Funds (by Oregon Woodsmoke [ID]) Posted on: Nov 3, 2023 11:47 AM Message:
All funds due at the time of lease signing. No keys until all the paperwork is complete.
In the very rare case where I am holding a unit for a tenant, they pay a stiff non-refundable holding fee and all paperwork is complete and all funds paid before they get the keys and lease. --76.178.xxx.xxx |
Required Move in Funds (by Jonny [NY]) Posted on: Nov 3, 2023 2:45 PM Message:
Roy... how does the city know you have turn over? Ours wants inspections every 18 months (depending on the type of building/rental, etc) but they "don't care" if there is someone in the building or not.
You have to tell them "hey, my tenant is moving so come and inspect?" That's odd... what if your tenant stays for 10 years? They would never inspect it? --69.201.xx.xxx |
Required Move in Funds (by 6x6 [TN]) Posted on: Nov 3, 2023 3:09 PM Message:
Good question Jonny. I would also like to know how they know if you changed a toilet out? --73.190.xxx.xxx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 3, 2023 4:15 PM Message:
Johnny + 6x6
Here is how my city knows when I have a vacancy. The enforcement is done via the water department here.
For example: One hour ago, I rented out my last vacancy. When my new tenant visits the water dept to get water service turned on, the water dept. checks a list provided to them by my city's building department. That list shows which rental houses have been inspected and issued a CO in the last 12 months. If my house does not show on that list as inspected, then my new tenant can't get water turned on in their name.
Now, there is a loophole here. If the landlord keeps the water service on and in his/her name, then their is no need for the new tenant to ever visit the water department and the landlord just pays the tenant's water bill each month. However, if a landlord gets caught using this illegal loophole, a stern warning will come first and if caught again, a fine will be issued by the city.
--71.207.xxx.x |
Required Move in Funds (by 6x6 [TN]) Posted on: Nov 3, 2023 6:13 PM Message:
Thank you, Roy, but they still wouldn't know if you changed the toilet. --73.190.xxx.xxx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 4, 2023 5:54 AM Message:
6x6,
The inspectors take photos for future reference when they inspect. With photos from the last inspection, they can tell if the vinyl on the bathroom floor has been replaced, which usually means the toilet was lifted. They will also straddle the toilet between their legs (while standing) and see if they can detect any slight movement in the bowl. They will also look for signs of new caulking around the toilet base.
--71.207.xxx.x |
Required Move in Funds (by zero [IN]) Posted on: Nov 4, 2023 6:14 AM Message:
Roy, never caulk around the base of a stool. You can't tell as easily if there is a leak at the wax ring among other things. Plus it could cause problems when you remove the stool and the caulk is holding or unable to remove easily resulting in a full vinyl replacement. I try and seal the vinyl (planks) around the ring to help keep moisture out of the subfloor if there is a leak.
That being said I can't believe how intrusive your inspectors are allowed to be. Safety is one thing, but wow they are getting way into your business.
Few years back one part time inspector was pushing hard for the county to start more in depth inspections. Things like furnaces, water heaters, siding, windows (same size or smaller) and possibly even toilets.
I asked about what would happen on a weekend when a water heater started leaking? Can the people not have hot water until the inspector showed up? Middle of winter and furnace dies, needing replacement. Now my property will freeze up because the inspector is too busy, on vacation or just closed down?
Enough people must have expressed their concerns because it never happened. They complain about not having enough people in the office as it is. They lose money on every inspection anyhow. They want to see a roof three times. Once to put the permit up, once when the deck is bare and finally when the job is complete. I just take pictures and they are fine with that.
The old code enforcement guy would just walk into houses looking for violations. That is completely illegal, but nobody wanted to get on his worse side. I am so happy that he finally retired. Surprised that he never got beat down for his shenanigans. --107.147.xx.xxx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 4, 2023 10:33 AM Message:
Zero,
Another way my city's building department learns about non-inspected rental houses is when a tenant gets upset with their landlord over a house habitation issue and that tenant calls the bldg. dept to complain. First thing the department does is check to see if that house has ever been inspected. If not, then that landlord may not have a leg to stand on.
I have learned over the years not to fight the city. When I have a vacancy, I call for an inspection, pay the $50.00 fee and just let the chips fall where they may. --71.207.xxx.x |
Required Move in Funds (by Ken [NY]) Posted on: Nov 4, 2023 2:10 PM Message:
Roy,have you ever considered charging the tenant for the initial move in inspection fee? --74.77.xx.xx |
Required Move in Funds (by Roy [AL]) Posted on: Nov 5, 2023 9:43 AM Message:
Ken,
Inspection fees are just another cost of doing business. The good news is the $50.00 inspection fee that began in 2007 has not changed and is still $50.00. If it does increase, every LL here will be sitting on the mayor's desk voicing their concerns. Our new mayor even has rental properties himself. --71.207.xxx.x |
Required Move in Funds (by BRAD 20,000 [IN]) Posted on: Nov 8, 2023 12:44 AM Message:
Roy,
If I held out for deposit plus full month my homes would sit empty like my competitors. In my area few people have money.
I will sign the lease with their Rent To Own fee (we don’t take a deposit) and a written plan for the prorated rent within 30 days. Weekly rent makes this MUCH easier.
The “work with me” answer is weekly rent.
BRAD
--73.103.xxx.xxx |
Required Move in Funds (by zero [IN]) Posted on: Nov 8, 2023 7:16 AM Message:
Brad, do you only do RTO now? --107.147.xx.xxx |
Required Move in Funds (by WMH [NC]) Posted on: Nov 8, 2023 8:33 AM Message:
I once asked if we needed an inspection for something and the county told me, "No, it was inspected for a Certificate of Occupancy years ago, you don't need to do it again." Okay...
If we pull permits we need to get that particular job inspected of course, but no permit? No inspections.
We DO pull permits and get inspections when we are building a new living space (ADU) because we don't want neighbors reporting us (neighbors are worse than the inspectors) and because someday at sale, you now have to prove that any work done that SHOULD have had a permit, did; or to disclose that it did not, just as you have to for any material defect.
We used to think the inspectors were really picky, and they are, but they don't seem to be malicious or out to get anybody - we need the housing too bad! --173.18.xx.xxx |
Required Move in Funds (by Ken [NY]) Posted on: Nov 8, 2023 9:10 AM Message:
WMH-you say when you sell you will need to prove the work had a permit, i have been told that for years and i do flips regularly and rarely get permits and have only once had that request,i told them we did nothing requiring permits and the buyer accepted that,most recent project was a new kitchen and half bath and noone asked about permits.Maybe it is just my area not really sure but i feel like it is just something everyone says who never actually sells anything. --74.77.xx.xx |
Required Move in Funds (by Lucy [IN]) Posted on: Nov 11, 2023 10:11 AM Message:
Ditto what S i d said. NEVER had it end well with anyone I ever "worked" with. Thus I no longer "work with anyone" --64.184.xx.xx |
Required Move in Funds (by WMH [NC]) Posted on: Nov 11, 2023 11:17 AM Message:
Ken, it's part of the revised NC sales contract. Small print and could be easily passed by. I'll see if I can find the exact wording.
It's a new NC Real Estate Commission rule:
"The Commission has given the following example as guidance: “If a structure… measures 3475 square feet, but 850 of that square footage is found in an addition for which no permit was obtained, the licensee may indicate the full 3475 square feet in any advertising or multiple service listing so long as the broker also clearly states that 850 square feet of the total is an addition or improvement for which the proper permits were not obtained.”
There is more language that goes in the disclosure form I'll keep looking. --173.18.xx.xxx |
Required Move in Funds (by Scottballet [MA]) Posted on: Nov 11, 2023 12:09 PM Message:
Wow. Many different thoughts. I guess it's all about your market.
I have A B and C units and it's always the same for me.
Very clear Pre-screening questions always confirm whether they have the necessary move-in costs.
Once a prospective tenant has accepted my offer to rent, they have a week to venmo the last month’s rent, security deposit, and any fees. As well as execute the leasing documents. First month’s rent, proof of utilities and insurance are required before the passing of the keys and move-in inspection.
Seems to work on all my properties.
I have to admit, my entire process is not particularly easy for incoming tenants. You kinda have to jump through hoops just to see my places.
But I have very minimal turn overs. --172.58.xxx.xxx |
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