Has anyone had any experience with a tenant who wants to pay more than the one month's rent that I am asking for (plus security deposit) before moving in?
I haven't! So many potential tenants want me to cut them a break on the security deposit. If your tenant has that money, plus an extra month's rent in hand (especially around the holidays), it seems to me to be a good sign.
It looks like so much of a good thing that I am concerned about it. I think my employer check might turn up that they are not really working right now, but they may have gotten their hands on enough money to get them into a nice place to stay for the Holidays -- then let the landlord try to get them out!
More than anything else, I tend to place a lot of weight on present and former landlords remarks regarding tenancy. Having glowing remarks from a present and former landlord is usually a very good indicator. You can check whether your prospective tenant offered multiple months rent to them and how everthing worked out.
Bottom line is, are there others more qualified to rent it now? Is the unit going to be easier to rent now or in the spring? How much will you make if it is empty? 1st lesson in business- Get the money! Charge extra security deposit if they worry you. Here in Ohio it only takes me 3 weeks to divest myself of a non paying renter.
If the background check, credit references, and employment verification all show positive results. Take the money, give a receipt, and enjoy the holidays.
1. Yes. 4/03-7/04 I did my normal processing, applicant was questionable due to transitioning. She stated her case and offered double secdep and to pay the first 6 mos. upfront. I agreed. She proved to be a good tenant. I would rent to her again.
2. I am looking at making some changes once I sell my home. I will be willing to offer a landlord upfront rent $ if they are concerned that I am not W-2'd anymore. And it is interesting, but I consider myself one of the best risks there could be, but I will have no landlord references (own since 1977), no j o b, and very much debt on my perfect report w/680 scores.
If someone does not pass would you take extra cash up front to let them in? I would say there are only limited circumstances in which this would be a smart move.
Be careful about increasing the deposit as that can violate the rules for tenant deposits.
If they pre-pay the rent in cash (or you clear a check before they move in) then decide if something is going to change by the time the pre-payment ends. Do they expect to move out at the end (temporary assignment, etc) or will you have to do an eviction.
Look at the rules of eviction for you location.
When I was renting units in OR the process was inexpensive and fast. 5 days late and you file notice. Less then a week later and you were in court. Having you paperwork in order and staying within the rules would mean they pay on the spot or they are out. If you need to get an official to move them out it was something like 1-2 weeks more but I never got that far with the evictions I handled.
Hence the time and process was manageable so the risks were in line with the reward. I never needed or was offered funds in advance. A friend did pay for 6 months rent once and he was neat, tidy and moved out as schedule at the end of 6 months.
I haven't! So many potential tenants want me to cut them a break on the security deposit. If your tenant has that money, plus an extra month's rent in hand (especially around the holidays), it seems to me to be a good sign.
It looks like so much of a good thing that I am concerned about it. I think my employer check might turn up that they are not really working right now, but they may have gotten their hands on enough money to get them into a nice place to stay for the Holidays -- then let the landlord try to get them out!
I'll check the employer tomorrow.
More than anything else, I tend to place a lot of weight on present and former landlords remarks regarding tenancy. Having glowing remarks from a present and former landlord is usually a very good indicator. You can check whether your prospective tenant offered multiple months rent to them and how everthing worked out.
Bottom line is, are there others more qualified to rent it now? Is the unit going to be easier to rent now or in the spring? How much will you make if it is empty? 1st lesson in business- Get the money! Charge extra security deposit if they worry you. Here in Ohio it only takes me 3 weeks to divest myself of a non paying renter.
Good Luck and Merry Christmas,
Shawn(OH)
Someone wants to give you money and you're turning it down??
If the application passes then say thank you for the check!
I guess my point is: the application doesn't pass if they have misrepresented their employment.
BTW Frogger, I'm impressed! How does anyone rack up 1824 posts in 15 months?
My guess woul be there is a reason for them to pay all this now... They wont have it in the future.
Good luck
If the background check, credit references, and employment verification all show positive results. Take the money, give a receipt, and enjoy the holidays.
Mark
1. Yes. 4/03-7/04 I did my normal processing, applicant was questionable due to transitioning. She stated her case and offered double secdep and to pay the first 6 mos. upfront. I agreed. She proved to be a good tenant. I would rent to her again.
2. I am looking at making some changes once I sell my home. I will be willing to offer a landlord upfront rent $ if they are concerned that I am not W-2'd anymore. And it is interesting, but I consider myself one of the best risks there could be, but I will have no landlord references (own since 1977), no j o b, and very much debt on my perfect report w/680 scores.
Have a policy for how you screen your tenants.
If someone does not pass would you take extra cash up front to let them in? I would say there are only limited circumstances in which this would be a smart move.
Be careful about increasing the deposit as that can violate the rules for tenant deposits.
If they pre-pay the rent in cash (or you clear a check before they move in) then decide if something is going to change by the time the pre-payment ends. Do they expect to move out at the end (temporary assignment, etc) or will you have to do an eviction.
Look at the rules of eviction for you location.
When I was renting units in OR the process was inexpensive and fast. 5 days late and you file notice. Less then a week later and you were in court. Having you paperwork in order and staying within the rules would mean they pay on the spot or they are out. If you need to get an official to move them out it was something like 1-2 weeks more but I never got that far with the evictions I handled.
Hence the time and process was manageable so the risks were in line with the reward. I never needed or was offered funds in advance. A friend did pay for 6 months rent once and he was neat, tidy and moved out as schedule at the end of 6 months.
John
[addsig]