 First, last and security? (by Pat [PA]) Aug 6, 2015 11:06 AM
 First, last and security? (by Jim in O C [CA]) Aug 6, 2015 11:15 AM
First, last and security? (by John... [MI]) Aug 6, 2015 11:19 AM
First, last and security? (by DIXIE [KS]) Aug 6, 2015 5:32 PM
First, last and security? (by Cheryl [CT]) Aug 6, 2015 7:08 PM
First, last and security? (by Vee [OH]) Aug 6, 2015 7:12 PM
First, last and security? (by BRAD 20,000 [IN]) Aug 6, 2015 9:19 PM
First, last and security? (by don [PA]) Aug 6, 2015 9:33 PM
First, last and security? (by Pat [PA]) Posted on: Aug 6, 2015 11:06 AM
Message:
State Specific Question About: PENNSYLVANIA (PA)
What is standard to collect from new tenant when signing a new lease? First, last and security? Or just first and security?
Any thoughts are appreciated...
Pat
--170.74.xx.xx |
First, last and security? (by Jim in O C [CA]) Posted on: Aug 6, 2015 11:15 AM
Message:
Use first and a big security. I make my security different so it is not confused and thought of as a last months rent. --108.89.xxx.xx |
First, last and security? (by John... [MI]) Posted on: Aug 6, 2015 11:19 AM
Message:
Note that PA does have limits on S/D (I think 2x the rent for the first year and then 1x the rent thereafter). Something to keep in mind if you are new to this.
I think you have to pay interest after a couple of years there too.
- John...
--207.241.xxx.xxx |
First, last and security? (by DIXIE [KS]) Posted on: Aug 6, 2015 5:32 PM
Message:
I collect the deposit when they have been approved and they are required to pay the deposit to hold the house or I will continue to show it.
Then when I can give them possession of the property, I collect the rent.
I don't collect last month's rent because most tenants can't come up with that much money. --174.32.xxx.xxx |
First, last and security? (by Cheryl [CT]) Posted on: Aug 6, 2015 7:08 PM
Message:
I would never collect "last months rent" simply because if they stay for several years, the last months rent should be higher than their first. My longest tenant started at a rental of $750/mo. and she is now paying $910. If I had collected her last months rent up front, I'd be losing $160 in the last month! --98.179.xxx.xxx |
First, last and security? (by Vee [OH]) Posted on: Aug 6, 2015 7:12 PM
Message:
Dixie-KS, you should be collecting fees - never deposits, the fees however can convert to the damage deposit when the lease is signed. So with that out I suggest collecting the damage deposit 2xmonthly rent value, why? - so when the damages show up in your 3 month and 8 month inspectio you have something to use to make repairs, if nothing is damaged then they get the 12 month free and you pay very little interest. The beginning is the time to collect funds and have lease explain rules, this is when they do the move-ininspection that will show everything in good order, what happens along the way needs to be fixed to reduce the move-out surprises. --75.94.xxx.xxx |
First, last and security? (by BRAD 20,000 [IN]) Posted on: Aug 6, 2015 9:19 PM
Message:
Pat,
Depends on the market. MY market does not collect LAST month's rent. (and YOUR state law)
If I could, I would call it DEPOSIT. When people stop paying before leaving, that whole LAST MONTH PRE-PAID RENT thing can delay an eviction for a person who will owe thousand$$$ in repairs.
BRAD --68.50.xx.xxx |
First, last and security? (by don [PA]) Posted on: Aug 6, 2015 9:33 PM
Message:
John, you are correct. Penna. allows two months security, after the first year it is reduced to one month. Most tenants don't know that and I have only had one ever ask for the deposit refund (even though it is revealed in the consumer notices in the leases). I don't know why some landlords insist on calling the deposit "one month security and last month's rent." WHy give the tenant permission to have you holding less deposit when they leave? --73.141.xxx.xxx |
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