$99 move in special
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
$99 move in special (by BRAD 20,000 [IN]) Dec 31, 2011 8:00 PM
       $99 move in special (by in [IN]) Dec 31, 2011 9:34 PM
       $99 move in special (by Chris [CA]) Dec 31, 2011 9:50 PM
       $99 move in special (by Lee [IN]) Dec 31, 2011 10:26 PM
       $99 move in special (by Reid [KS]) Jan 1, 2012 2:01 AM
       $99 move in special (by Roy [AL]) Jan 1, 2012 2:05 AM
       $99 move in special (by TIM [IN]) Jan 1, 2012 4:04 AM
       $99 move in special (by Honey [FL]) Jan 1, 2012 6:37 AM
       $99 move in special (by Honey [FL]) Jan 1, 2012 6:39 AM
       $99 move in special (by in [IN]) Jan 1, 2012 7:37 AM
       $99 move in special (by tyler [NC]) Jan 1, 2012 9:56 AM
       $99 move in special (by S i d [MO]) Jan 1, 2012 11:26 AM
       $99 move in special (by Virden [OH]) Jan 1, 2012 12:51 PM
       $99 move in special (by BRAD 20,000 [IN]) Jan 1, 2012 9:38 PM
       $99 move in special (by BRAD 20,000 [IN]) Jan 1, 2012 9:40 PM
       $99 move in special (by RR [WA]) Jan 1, 2012 9:58 PM
       $99 move in special (by Wilma [PA]) Jan 5, 2012 8:47 AM
       $99 move in special (by Bill [GA]) Jan 5, 2012 6:56 PM
       $99 move in special (by BRAD 20,000 [IN]) Jan 5, 2012 7:49 PM
       $99 move in special (by scott [PA]) Jan 6, 2012 3:32 AM
       $99 move in special (by GARY [IL]) Jan 6, 2012 7:43 AM
       $99 move in special (by Steve C. [CA]) Jan 6, 2012 10:19 AM
       $99 move in special (by Dan-IND [IN]) Jan 6, 2012 10:42 AM
       $99 move in special (by BRAD 20,000 [IN]) Jan 7, 2012 8:58 PM
       $99 move in special (by Richard [MD]) Jan 8, 2012 4:13 PM
       $99 move in special (by Terry C [ID]) Jan 9, 2012 1:01 PM
       $99 move in special (by Dan [MA]) Jan 10, 2012 7:03 PM
       $99 move in special (by BRAD 20,000 [IN]) Jan 10, 2012 8:04 PM
       $99 move in special (by Terry C [ID]) Jan 11, 2012 10:47 AM
       $99 move in special (by BRAD 20,000 [IN]) Jan 11, 2012 7:58 PM
       $99 move in special (by John... [MI]) Jan 11, 2012 8:40 PM
       $99 move in special (by John... [MI]) Jan 11, 2012 8:42 PM
       $99 move in special (by Sue [CA]) Jan 14, 2012 10:09 AM
       $99 move in special (by BRAD 20,000 [IN]) Jan 14, 2012 12:28 PM
       $99 move in special (by John... [MI]) Jan 14, 2012 1:08 PM
       $99 move in special (by Brittnee bell-bolden [CA]) Dec 2, 2013 5:36 AM


$99 move in special (by BRAD 20,000 [IN]) Posted on: Dec 31, 2011 8:00 PM
Message:

I HATE stooping to this but it's working great. I posted a little something earlier, but here's more info.

Do the math and give it a try. Something is better than nothing.

At the advice of some dicussion here about 10 days ago, we're advertising "$99 Move In Special".

We have several vacancies which I KNOW will sit empty for the next 30-60 days from normal seasonal flow.

I can stop whenever I want and go back to normal.

Most people are flat busted right now, so a full deposit is RARE or IMPOSSIBLE.

The houses will likely sit empty until Mid Feb or March when and IF tax refunds start appearing.

Rented 2 just before Christmas.

On both got $150 pet fee + 99 = $240 for Jan and will get $35 additional rent for the next ____ months. They will also be paing their despoit in January.

Tenant will pay the heat. Whew!

RENTED for Feb - not HOPING to rent in Feb.

Have 14 APPLICATIONS in process and approval calls back to several.

--50.129.xxx.xxx




$99 move in special (by in [IN]) Posted on: Dec 31, 2011 9:34 PM
Message:

Let's hope you screen well......

I seem to remember the banks loaning money to people and they did not pay them back, and done quite a bit of damage....to the economy....

I raised my rents this year, at least $100 per property all 20 of them......in Indiana... --67.175.xxx.xx




$99 move in special (by Chris [CA]) Posted on: Dec 31, 2011 9:50 PM
Message:

Good for you! I wonna give this a try... --182.53.xxx.xxx




$99 move in special (by Lee [IN]) Posted on: Dec 31, 2011 10:26 PM
Message:

We are going to give to a whirl... New Year, new goals. --96.31.xxx.xxx




$99 move in special (by Reid [KS]) Posted on: Jan 1, 2012 2:01 AM
Message:

Good idea I changed one my Craigslist ads tonight . we'll see what happens. --99.103.xxx.xxx




$99 move in special (by Roy [AL]) Posted on: Jan 1, 2012 2:05 AM
Message:

Brad20K,

Give more details here. Is the $99.00 the first month's rent? Do you still charge the normal deposit but divide it into payments? I find it interesting these 'flat busted tenants' can still pay a $150.00 pet fee.

I have 4 vacancies out of 14 now. I may have to try this $99.00 special out myself. After the $99.00 special is paid, what is the rent amount for the following months? --68.62.xxx.xxx




$99 move in special (by TIM [IN]) Posted on: Jan 1, 2012 4:04 AM
Message:

I ran it in '08 and still do if I mutliple openings. $500 deposit, $99 first months rent. Then I pro-rate the second months rent to get them to the first of the month. Then full market or a little more after that.

In '08-9 time frame, I know of alot of LL that just simply dropped the rent. Some $75 or more. Mine stayed the same or was $10 down. But I offered the $99 first month and kept the rent up. I still have over 1/2 those people living there.

Right now I try to get where they pay about $750 for move-in. Too much for the people on the financial edge, but just enought to put in a little skin. --67.236.xxx.xxx




$99 move in special (by Honey [FL]) Posted on: Jan 1, 2012 6:37 AM
Message:

Brad 20k,

I am also curious about the $99 move in special and many apt complexes are doing this around here.

I am thinking about calling them to see how they are managing to survive with just 99 bucks to move in

It seems, on one hand, that if they are struggling to this extent to move in than they will be struggling to get rents paid on time and on the other hand, it seems that the smart bargain shoppers will grab this type of a deal even if they dont have to move in right away due to their existing lease may not be expiring till feb or march --76.123.xxx.x




$99 move in special (by Honey [FL]) Posted on: Jan 1, 2012 6:39 AM
Message:

In,

Congrats on raising the rents by $100! Wow!

Tell us a little bit about how you managed this without them crying they will not renew --76.123.xxx.x




$99 move in special (by in [IN]) Posted on: Jan 1, 2012 7:37 AM
Message:

I spend my money improving the properties..

Universities are raising the dorm fees...

Minimum wages are going up...

People have more money to spend...

Our poor have cars cell phone, computers, even eat out, take vacations...and collect Welfare...God Bless Them.

You can cater to the 99 cent group if you like...me I limit my liabilities...

If you lower your price 10% you will need to increase your gross 25% to make the same profit....

I am just here for profit...bottom line.. --67.175.xxx.xx




$99 move in special (by tyler [NC]) Posted on: Jan 1, 2012 9:56 AM
Message:

glad you've implemented brad....

that promotion has always worked well for me over the years... --98.24.xxx.xx




$99 move in special (by S i d [MO]) Posted on: Jan 1, 2012 11:26 AM
Message:

I've used $99 move-ins for two years now. Gets a lot of buzz going! I expect a full deposit, though, no "work with me" pleas accepted.

There are a lot of riff-raff to sort thru, but I still end up getting a quality tenant at the end, and usually within 2 weeks. Some even pre-lease before the current tenant moves out, so only 1 day down-time for clean up and make-ready.

It's a great deal, and puts me ahead of most other small-time land lords who refuse to accept anything less than "full value" for their rents. They sit empty and receive jack-squat while I get one small month rent (plus they pay the utils) and then am full. I do require a 15-month lease, too, but most stay longer. --108.227.xx.xxx




$99 move in special (by Virden [OH]) Posted on: Jan 1, 2012 12:51 PM
Message:

My niece south of Atlanta did this a couple times, full deposit Roy - never reduce this money in case you have to evict - that is the feeder for court, and this is if they qualify for it, 7 years no credit slams - they should be prepared for full deposit, this is to make the phone ring - I will not work with you but if you have decent credit you may qualify for the 99bux first month. --68.76.xxx.xx




$99 move in special (by BRAD 20,000 [IN]) Posted on: Jan 1, 2012 9:38 PM
Message:

Given:

-several vacancies. Rent income slipping away, never to be receaptured

-slim to non chance of getting the rented over Christmas break, or even early to mid Jan.

-tax checks disappear rapidly in Feb, faster than we can respond.

Tenant Given:

-CASH is the road block. Even good applicants do not have ANY cash reserves. The deal can be great all day long but they don;t have $700 for a depsoit.

BUT...they CAN borrow scrape together 99 bucks from Granny, return some gift cards, etc.

Find a way to rent to people who have good aplications & jobs but NO CASH.

As you noticed, some say "My lease isn't up until Jan 30" or "I have not given my 30 day notice yet" but for $99, they're in.

The Plan:

I GAVE them (choke, gasp, wheeze, LL heart attack!) the rest of Dec for free. I wasn't getting a penny anyway and it helped bring them in.

Rent for Jan is $99. (choke, gasp....) BUT IT IS RENTED!!

I CAUGHT the fish before they had a chance to spend their Feb tax refund elsewhere.

They sign a written payment plan for teh deposit during the month of Jan, so I still get $700 cash flow in Jan.

Feb rent is already lined up, ready to go while I spend my time on the other vacanies.

And if this helps...Roy, you'll like this...I bumped the rent up $20-25. So that's an additional $240-300/yr I'll bring in as a result of letting them in on a deal.

99+300=$390 for a month that would have been a total loss. --50.129.xxx.xxx




$99 move in special (by BRAD 20,000 [IN]) Posted on: Jan 1, 2012 9:40 PM
Message:

Sorry - I'm on a different computer and I miss my spellcheck! --50.129.xxx.xxx




$99 move in special (by RR [WA]) Posted on: Jan 1, 2012 9:58 PM
Message:

I think it is great advice Brad. When I tried to negotiate the commercial lease for my laundromat, the landlord was willing to help by discounting some of the initial costs but insisted on adding them on to the monthly rent over the lease term so the net to the landlord was the same. The real value of a tenant is over their anticipated lifetime as a long-term tenant, move in costs are not really that important. This only works with people who have income exceeding minimum criteria.

--24.18.xxx.xxx




$99 move in special (by Wilma [PA]) Posted on: Jan 5, 2012 8:47 AM
Message:

I could have used that advice 2 years ago - will squirrel it away for future reference! Thanks, Brad! --71.185.xxx.xx




$99 move in special (by Bill [GA]) Posted on: Jan 5, 2012 6:56 PM
Message:

I have been taking a lein on car titles as deposit. So far have not had to exercise a lien. This is very effective and begins to separate the serious from the BS artists.

Are you gonna pay the rent on time? Oh yeah I am never late with my rent! DO you have a deposit? No, no cash. Are you SURE that you will pay the rent on time? Oh yeah, I am NEVER late with my rent! How about I take a lien on the title of your car? Should be no worries if you do what you say you will do.

Two people have agreed. This is proving to be a good tactic in working with good people who are momentarily down on their luck and, hopefully, sorting out the cons. --74.176.xxx.xxx




$99 move in special (by BRAD 20,000 [IN]) Posted on: Jan 5, 2012 7:49 PM
Message:

Quick update: rented 2 this week, that's 4 in the last 2 weeks - the hardest weeks of the entire year - Dec 23 thru Jan 4!

1 of those 4 was an very nice home that we kept off the $99 special. Got full deposit and full rent plus pet reigstration and pet rent.

Currently have 18 apps in process. Some are duds but that's normal. we just need ONE MORE, then ONE MORE, then ONE MORE... --50.129.xxx.xxx




$99 move in special (by scott [PA]) Posted on: Jan 6, 2012 3:32 AM
Message:

Sounds like Bill in GA has a great idea - but, how does one go about placing a lien on a car title? --98.237.xx.xx




$99 move in special (by GARY [IL]) Posted on: Jan 6, 2012 7:43 AM
Message:

I have two vacancies and was very worried about finding renters. Just placed an ad yesterday and the phone is ringing off the hook. I took one deposit yesterday and probably get the other rented today. The weather here is good for January. So many people are moving because their landlords are letting the property go into foreclosure. Can't understand how a house can go into foreclosure when they are receiving $1500 per month rent. Must be spending the rent on other things. Good Luck everybody. For me, the rental business is one of the few bright spots. --99.11.xxx.xx




$99 move in special (by Steve C. [CA]) Posted on: Jan 6, 2012 10:19 AM
Message:

While I have also had great success with the $99 move in special, I'm having difficulty with what Brad 20,000 calls the pet registration and pet rent. Some in the Sacramento area are charging $20 to $25 per month! I charge $250 deposit which is non-refundable. Only one tenant called me on the non-refundable aspect and I stood firm (big dog. How do you all deal with pet deposits?!? --67.188.xxx.xxx




$99 move in special (by Dan-IND [IN]) Posted on: Jan 6, 2012 10:42 AM
Message:

This sounds like a good system, especially for this time of year!

THANKS BRAD. --174.253.xx.x




$99 move in special (by BRAD 20,000 [IN]) Posted on: Jan 7, 2012 8:58 PM
Message:

Another update: Saturday 1-6-12

Not including the 4 we rented, we now have 24 apps (not calls) from the ad and have approved and offered houses to 4 families.

Steve C - change your wording to Non-Refundable Animal Registration Fee

-"deposits" are held and refunded.

-not all animals are "pets". Got hung on that one!

They don't blink at the $35 per pet fee. Recently signed a lease for 2 chihuahuas which added $70 per month.

I've tried to work with cars, but usually they are not worth more than the loan. I HAVE taken paid off cars, boats, and tool chests as downpayments.

--50.129.xxx.xxx




$99 move in special (by Richard [MD]) Posted on: Jan 8, 2012 4:13 PM
Message:

Good idea Brad. I'm going to try it on 1 or 2 units. As far as security deposit goes in MD if you don't collect it up front you have no recourse. I f you are in MD and want to work with them do it on the first month's rent. --96.231.xxx.x




$99 move in special (by Terry C [ID]) Posted on: Jan 9, 2012 1:01 PM
Message:

You'll have to slow down a little for me on the details for the $99 move-in special. I just finished renovating a duplex and I've been advertising on CL for the past month. So, please run this by me s.l.o.w.l.y.

I advertise $99 move-in special. Tenants that qualify via the background check, etc only pay $99 to get in the door? No first month rent, no deposit? I'm asking for a $750 deposit...so say I get someone to move in Jan 20, they pay $99. February 1, they pay rent plus something toward the deposit, say $750 divided by 6 months to pay the deposit? --71.209.x.x




$99 move in special (by Dan [MA]) Posted on: Jan 10, 2012 7:03 PM
Message:

Anything we have empty after Thanksgiving can easily sit vacant through sometime in March. I like this idea, but I'm hesitant as to who the $99 might attract. Since most of my rentals require about $1,900 to move in (1st & last), I'm going to try a $499 Move In special to see how that works.

Thanks for the idea. There are always new things to be learned here. --76.19.xx.xx




$99 move in special (by BRAD 20,000 [IN]) Posted on: Jan 10, 2012 8:04 PM
Message:

Update 1-10-12 $99 Move In Special

Signed 2 more leases today, making 6 new leases in 16 days (Dec 23 - Jan 10).

27 applications from the promo.

Problem: we're not equipped to process all 27! Prioritized: processing the high rent prospects first.

Turned my list of 10 empties into a list of 4.

Rented, not paying heat, Feb 1 rents are ready for autodraft, and getting weekly payments for depsoit. (some paid the depsoit).

Terry C - I'm typing this v e r y s l o w l y . . . :) First, you'll get what you think and talk about, so change your thinking to "When I rent this TOMORROW..."

The simplest explanation we give prospects is "$99 puts the keys in your hand. No rent until Feb. We'll work with you on the deposit."

The "hook" is to serve people who have no money (most everyone in this season!). Rent YOUR house while the other LLs refuse to budge on full deposit, first and last month rent. Their homes are vacant, paying heat, while MINE are occupied and off the list.

Traditional LLs EXPECT to sit on an empty during January, so they DO!

Prospects KNOW they cannot come up with deposit and first month, but anyone can scrape together $99. They BELIEVE they can rent from us.

Tax refund checks are now appearing in early to mid February due to rapid refunds. If you don't have the prospect lined up for YOUR rental, they can go ANYWHERE once they have cash. You are now competing with the pros.

--50.129.xxx.xxx




$99 move in special (by Terry C [ID]) Posted on: Jan 11, 2012 10:47 AM
Message:

Ok Brad - thanks...let me repeat this back to you! Here is my understanding... Today is Jan 11...prospective tenant pays nothing for rent from Jan 12-31, and terms for payment of deposit are worked out in the form of an IOU or promissory note. BUT, $99 is paid at the time of contract signing as follows: Feb 1, tenant has already paid $99. March 1, tenant pays full rent. Do I have it right? --71.32.xxx.xxx




$99 move in special (by BRAD 20,000 [IN]) Posted on: Jan 11, 2012 7:58 PM
Message:

Terry C - Love ya but you're over-thinking. The whole thing works because it creates excitement and a reason to "act now before the special ends". Customers need a reason to move forward.

Right now they cannot move forward because they are out of cash, so this promo catches their attention and they believe it can solve their problem.

With $99 we'll sign the lease and give you the keys. We write up a promissory note / payment plan for the depsoit and regular rent is due Feb 1.

when we started this just before Christmas it was a bigger deal. If you analyze too hard, the deeper we get into January the less of a deal.

It's about time for us to change it up a bit but with over 27 apps, we have people arguing over houses.

It got us over the "dead time" hump. --50.129.xxx.xxx




$99 move in special (by John... [MI]) Posted on: Jan 11, 2012 8:40 PM
Message:

I think this varies by area too -- where you have enough people that you can still pick out MAYBE a "winner" now and then.

I could offer first month for $1 and GIVE them a gift certificate for free pizza and I STILL wouldn't even get 27 apps filled out in that amount of time here! :)

- John...

--216.111.xxx.xx




$99 move in special (by John... [MI]) Posted on: Jan 11, 2012 8:42 PM
Message:

Also, I'm not a big fan of the "don't THINK about it; just DO it" concept when it comes to running your business. That's what TENANTS do. That's part of why they are tenants. We call that Tenant Logic. That's how they got a 50" plasma, but their car still needs new tires for winter -- they "just did" instead of "over-thinking about it." :)

- John...

--216.111.xxx.xx




$99 move in special (by Sue [CA]) Posted on: Jan 14, 2012 10:09 AM
Message:

I'm with John on this one -- I think he hit the nail on the head -- he thinks like a businessman. I also sympathize with the poster who asks for specific numbers to implement how the deal works. I don't have a clear idea of how it works either -- and those concepts better be clear and in writing or one could and will end up in court.

I like the idea of offering an incentive to renters -- but first and foremost how about clean, beautifully maintained "homes" in an attractive setting (homes being apartments, duplexes, or houses). Additionally, one could paying for a moving truck, accept the deposit in payments, or lower the first month's rent by 25% -- the financial hurdle of asking a substantial sum up front is one of the best screens we have to locate individuals that "plan" and take renting seriously. Thanks been my experience -- Sue. --75.62.xxx.xxx




$99 move in special (by BRAD 20,000 [IN]) Posted on: Jan 14, 2012 12:28 PM
Message:

Gotta think like a fish to catch a fish. Gotta wiggle the bait they want.

If the home is vacant, the right bait is not being wiggled.

--50.129.xxx.xxx




$99 move in special (by John... [MI]) Posted on: Jan 14, 2012 1:08 PM
Message:

If all you catch are the bottomfeeders, then you end up not eating well in the long run...

;-)

- John...

--207.241.xxx.xxx




$99 move in special (by Brittnee bell-bolden [CA]) Posted on: Dec 2, 2013 5:36 AM
Message:

Looking for 99 move in special 2bd 1bh apt,fuplex or house for no higher then 600 for rent thankx # 510 875 8459 --66.87.xx.xx





Reply:
Subject: RE: $99 move in special
Your Name:
Your State:

Message:
$99 move in special
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible.
Email Address: