 Red Flags (by Keith [TX]) Aug 24, 2012 5:51 AM
 Red Flags (by Frank [NJ]) Aug 24, 2012 6:34 AM
Red Flags (by sheri [FL]) Aug 24, 2012 6:39 AM
Red Flags (by Suzanne [TX]) Aug 24, 2012 6:47 AM
Red Flags (by Deanna [TX]) Aug 24, 2012 7:07 AM
Red Flags (by Mike [TN]) Aug 24, 2012 7:13 AM
Red Flags (by frank [NY]) Aug 24, 2012 7:31 AM
Red Flags (by Pattyk [MO]) Aug 24, 2012 8:03 AM
Red Flags (by Ken [NY]) Aug 24, 2012 8:31 AM
Red Flags (by S i d [MO]) Aug 24, 2012 9:25 AM
Red Flags (by Donald A [CA]) Aug 24, 2012 10:07 AM
Red Flags (by Wilma [PA]) Aug 24, 2012 10:51 AM
Red Flags (by Reid [KS]) Aug 24, 2012 1:40 PM
Red Flags (by p m h [TX]) Aug 24, 2012 2:21 PM
Red Flags (by Nancy [IN]) Aug 24, 2012 2:49 PM
Red Flags (by Keith [TX]) Aug 24, 2012 3:12 PM
Red Flags (by Keith [TX]) Posted on: Aug 24, 2012 5:51 AM
Message:
State Specific Question About: TEXAS (TX)
Hello - A tenant couple applied for one of my houses with some credit problems but verified both employed, salary/rent ratio ok, previous LL gave high marks. Son has med problems. Nothing signed yet, - now received ltr from them asking if I will allow them to pay out sec deposit over 2 mos, and split rent into two pyts/mo. My comfort level just dropped below the line. I've verbally acknowledged I would go with them - now I feel like backing off and taking more apps before signing. Anyone's thoughts on this? --173.57.xxx.xxx |
Red Flags (by Frank [NJ]) Posted on: Aug 24, 2012 6:34 AM
Message:
My vote is - NO!
Sounds like $ is very, very tight and the current LL could have given a good ref so to be rid of them.
--75.193.xxx.xxx |
Red Flags (by sheri [FL]) Posted on: Aug 24, 2012 6:39 AM
Message:
Red flag is correct. During this economy, anytime a person(s) ask to split rent &/or security deposit, you have a higher risk of not getting your money.
Attempted this 3 years ago (silly me was desperate to fill a unit) so I agreed to split security deposit into two payments. Received 1/2 of security deposit, tenant(s) moved a large dog into the unit, and I had to start eviction process. 3 months later, I lost two months rent, pay clean up (dog...ugh), pay legal services and incidentals. 1/2 Security deposit did not even come close to off setting my expenses.
Lesson learned. so beware. --75.231.xx.xx |
Red Flags (by Suzanne [TX]) Posted on: Aug 24, 2012 6:47 AM
Message:
It would be too big a risk for me. I haven't yet had to go back on my word with a tenant and that would not make me comfortable. But I think given the risk, I would go back and say I'm sorry I found it is actually not possible to do this. I would not give a reason. But if you really need one, the importance of treating all tenants equally is the one I would give. You can't make special payment plans for some people and not others, without unfairness to others who would like the same option.
--168.7.xxx.xx |
Red Flags (by Deanna [TX]) Posted on: Aug 24, 2012 7:07 AM
Message:
I'd counter by telling them they can't move in without the full security deposit, but I'd be willing to synchronize their rent to their paychecks. However, synchronizing their rent is different from splitting payment-- you're no longer paying for a month at a time in installments, but you're paying for the 23rd to the 29th, the 30th to the 5th, etc. Ultimately, it ends up being a little more expensive for them, but it's a choice.
There's been a lot of discussion about that the last few days in some other threads.
So, yes-- if you're renting to a particular market, you'll find that sort of tenant. If that's not your market, avoid them. If it is your market, cater to them, but take steps to protect yourself at the same time. --64.72.xx.xxx |
Red Flags (by Mike [TN]) Posted on: Aug 24, 2012 7:13 AM
Message:
I would say no. If they cannot make first payment in full, there is a big chance they will not making the rest of the payments.
That said. If the amount is big enough, like over 3k, you may think of working with them. The fact they asked to split rent AND the security deposit is a red flag for sure. It means they cannot afford the place and they are bad managing their money(like you said, credit problems and so on). It all adds up and more and more like a big risk to me. --198.51.xxx.xxx |
Red Flags (by frank [NY]) Posted on: Aug 24, 2012 7:31 AM
Message:
I agree, if they cant come up with month + security, they are going to give you problems down the line. --207.207.xx.xx |
Red Flags (by Pattyk [MO]) Posted on: Aug 24, 2012 8:03 AM
Message:
The answer is No. They are asking to change the terms of your move in ... No.
What you can do for them is off them time. For example if they want to sign the lease papers not and pay the deposit they can pay 1st month's rent when they move in... or the day before, and have utilities all turned on in their names. So if they want to move in Nov 1st this may work to give them the time you need... however if you don't wish to wait that long for move in and money then you can not offer them the "time"
Hope that helps. --173.119.xxx.x |
Red Flags (by Ken [NY]) Posted on: Aug 24, 2012 8:31 AM
Message:
You didn't change your mind,they changed the terms of payment therefore no is an acceptable answer and nothing to feel bad about --72.224.xx.x |
Red Flags (by S i d [MO]) Posted on: Aug 24, 2012 9:25 AM
Message:
I would not do it. Then again, I often offer at $99 move-in special for my first month's rent if the new prospect will sign a lease and pay full deposit plus the "rent special" prior to the old tenant's vacating the premises. So if they're hurting after that big reduction...wow!
If you do choose to split something, split the rent. I hear all the time on this board how you CAN evict for unpaid rent, but CANNOT evict for an unpaid deposit. --108.250.xxx.xxx |
Red Flags (by Donald A [CA]) Posted on: Aug 24, 2012 10:07 AM
Message:
I just signed a 2-year lease (I don't do anything but 2-year leases) with a single mom with two kids and an afternoon nanny. She's a lawyer who's been with the same firm for 16 years. She said she'd prefer sending me two checks (on the 1st & 15th) so that she can budget accordingly.
I think that may be same "budgeting" situation you are encountering.
But the bottom line to accepting any applicant, in my opinion, is that you have to go with your gut feeling. --99.65.xxx.xxx |
Red Flags (by Wilma [PA]) Posted on: Aug 24, 2012 10:51 AM
Message:
We are in an area where paying the last month's rent of a lease is pretty much the norm, along with first month's and security deposit. We will allow for some delay of only the "last month's rent", and that only if they have stellar references and very good credit. --71.175.xxx.xxx |
Red Flags (by Reid [KS]) Posted on: Aug 24, 2012 1:40 PM
Message:
Once I give my word I live up to it if at all possible. Splitting rent into bimonthly plan may actually be a good thing for you --108.238.xxx.xxx |
Red Flags (by p m h [TX]) Posted on: Aug 24, 2012 2:21 PM
Message:
never less than full deposit and full month rent up front. why mess with the hassle. keep advertising. you are not a financier. you are a LL. --209.163.xxx.x |
Red Flags (by Nancy [IN]) Posted on: Aug 24, 2012 2:49 PM
Message:
No, don't do it. They are unilaterally attempting to change the terms of your agreement, to your detriment. Too risky. --69.136.xxx.xxx |
Red Flags (by Keith [TX]) Posted on: Aug 24, 2012 3:12 PM
Message:
To all those who replied - THANK YOU SO MUCH for your input and advice. Every one of you have lucid and important viewpoints. Your help is invaluable and much appreciated. This is not an easy decision as you well know. So far, I've notified the tenants the split deposit is not an option and I'll give the split rent more thought, but I will require a full month's rent in advance up front along with a full sec deposit. I agree with some of you - we haven't even started a lease and they're already trying to change the terms. Big red one. I'm also considering month-to-month as an option rather than a 1 yr lease, with my option to convert to a lease at my discretion. I don't think that violates any statutes in TX and it only requires a 30 day notice to vacate. --173.57.xxx.xxx |
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