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

--70.57.xx.xxx

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

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

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

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

--71.207.xxx.x

You are right, Roy, what a phrase: "Net worth is determine by their next paycheck." --173.18.xx.xxx

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

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

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

--69.130.xxx.xxx

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

All funds period. If you want to borrow money, go to the bank. --174.195.xxx.xxx

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

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

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

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

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

This is off the top of my head and in no particular order of importance. --216.126.xx.xxx

This is off the top of my head and in no particular order of importance. --216.126.xx.xxx

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

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

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

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

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

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

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

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

Good question Jonny. I would also like to know how they know if you changed a toilet out? --73.190.xxx.xxx

--71.207.xxx.x

Thank you, Roy, but they still wouldn't know if you changed the toilet. --73.190.xxx.xxx

--71.207.xxx.x

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

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

Roy,have you ever considered charging the tenant for the initial move in inspection fee? --74.77.xx.xx

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

--73.103.xxx.xxx

Brad, do you only do RTO now? --107.147.xx.xxx

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

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

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

There is more language that goes in the disclosure form I'll keep looking. --173.18.xx.xxx

But I have very minimal turn overs. --172.58.xxx.xxx