finally rented!!!!but..... - Posted by lils

Posted by Tarheel T on December 30, 2001 at 21:58:26:

Lils,
I get the first payment in cash, not a check.
That seems to circumvent alot of problems.
TT

finally rented!!!but… - Posted by lils

Posted by lils on December 30, 2001 at 20:26:35:

Ok you guys I read all your responses to my querry of “rental not renting” I took Dave Krulac’s advice and advertised the house at 1495.00 for the past week and weekend in my local newspaper. The phone didn’t stop ringing!!! Well i found a tenant but now I have a ?
The tenants will move in on the 12th of Jan. When do I cash their security deposit & 1st mo rent if they sign the lease tomorrow? What is the ethical thing to do? I do want to make sure the check will clear before I hand them the keys.
Also, thanks to all of your priceless advise! I don’t know what I would do without you!

Lils

Re: finally rented!!!but… - Posted by David Krulac

Posted by David Krulac on January 02, 2002 at 13:09:36:

I would cash checks immediately, and assuming they’re drwan on a local bank, I would go to that local bank and get cold hard CASH. Only then would I give them or anybody the keys. If they want the keys immediately, let them bring cash and verify that they have the utilities in their names before you give them the keys/allow them to move in.

David Krulac

Re: finally rented!!!but… - Posted by Sally (WA)

Posted by Sally (WA) on January 01, 2002 at 14:13:36:

For the first month’s rent and security deposit, I only accept cashier’s checks (one for the rent and one for the deposit) before they get the keys. After the first month, I will accept a personal check, bill pay or electronic funds transfer to the online account for the property.

I have it written into my leases that if they ever give me a personal check for the rent and it subsequently bounces, then for the remainder of the lease I will only accept cashier’s checks.

Re: finally rented!!!but… - Posted by GL

Posted by GL on December 31, 2001 at 08:14:45:

They don’t get the keys or move in, not even one little thing, until you get the money, period. No exceptions. Make sure they understand this from the start.

You must get cash, certified check, money order or if it is a personal check it must clear the bank or you must take it to their bank and cash it.

There are con men who go around getting into homes with phoney checks then never paying anything. They are known as “professional tenants”. They know every wrinkle of the law. I know of cases where they have stayed for over a year, never paid a cent, left the owner with big utility bills, and did thousands of $$$$ worth of damage before they left.

I have never had one that bad but I have trusted people and believe me, if they don’t pay before they move in you will have a hell of a time getting anything out of them later.

Another thing. If they come back and want to move in early, make sure they pay for it. Pro rate the rent by the day. Don’t bother doing them a favor and expect them to show you some gratitude in the future because it will never happen.

Re: finally rented!!!but… - Posted by Todd (OH)

Posted by Todd (OH) on December 31, 2001 at 08:13:24:

Lils, if it were me…

  1. I would deposit their (CASHIER’S) check immediately. There is no reason not to.

NOTE: I no longer accept personal checks because they sometimes bounce. I no longer accept money orders from NEW residents because, if they are on a Lease-With-Option-To-Buy, many lenders no longer accept the “fill-in-the-blank” money orders as valid proof of payment history.

  1. Obviously, they should not get the keys until they move in.

Hope this helps. Happy New Year!

Todd (OH)

Re: finally rented!!!but… - Posted by Mitch

Posted by Mitch on December 30, 2001 at 23:37:21:

Money order or bank cashiers check… On rare occasions I’ll accept cash. Should they give a check, don’t give the keys until you go to “thier” bank and cash the check.

Money Order - Posted by Tim

Posted by Tim on December 30, 2001 at 22:36:22:

Maybe you could get the first payment via money order instead of a personal check.

Tim