Posted by Jim FL on December 01, 2002 at 19:44:57:
Dan,
For straight rentals, lease options, what ever, the intial money the tenant or buyer gives me must be either cash or certified funds, NO EXCEPTIONS.
This is “company policy”.
As for holding a property for someone, yes, I require that they pay the security deposit, which becomes non refundable if they fail to move in, or fulfill the lease agreement they sign.
The tenants must also pay their first months rent BEFORE they are given access to my house.
Posted by Dan(FL) on December 01, 2002 at 19:13:05:
Hi Everyone,
When a potential tenant is interested in a property that you have for rent and they check out as far as their references and credit but cant move in until a week or 2 or until the beginning of the next month, how do you experienced landlords handle this. What do you do to ensure that they will move in like discussed and that they wont stiff you? If they dont and you have waited, even if it is only for a couple of days, another potential tenant could be missed. Is there a certain form or do you have them leave a deposit(nonrefundable), and if so, how do you determine how much to get?
Thanks for your response, Dan(FL)
P.S. Do you gurus require certified funds for the initial “move in” payment?
Posted by eric-fl on December 03, 2002 at 08:19:25:
I’m pretty much the same as Jim, below. I require a security deposit pretty much right away, I mean, they’re going to have to come up with it anyway, right? If it’s a week or two out, I’ll take a check for it, no big deal. If it doesn’t clear, well then, they’ve just pretty much disqualified themselves, right? As far as the first month’s rent, I typically require cash or cashier’s check. The main thing is to make sure that you have all deposits and first month’s rent in liquid form, before handing over keys. The rest it just logistics. Typically I like to set people up on a draft program, so in the subsequent months, I’m taking the money directly out of their account anyway.
Posted by Dee-Texas on December 01, 2002 at 21:04:56:
Hi Dan,
I always get certified funds for move in. ALL move in money. I never let them pay out deposits, you will get stung everytime. Ask me how I know this…*
I also will never hold a property for anyone without the full rent and deposit. If they move in as they say latter and live up to their contract, I will THEN prorate the rent…possibly…this totally depends on how hard the property is to rent.
I’ve held properties with deposit only and keeping the deposit like Jim does but sometimes you miss a really good rental time doing that if they don’t honor their contract…So the long and short is NO MONEY, NO HOUSE.
I almost have my PHD in the school of hard knocks.
But hey! I still love this game.
Dee-Texas