 Prepaid Rent (by Maurice [FL]) Feb 20, 2017 3:57 PM
 Prepaid Rent (by Jim in O C [CA]) Feb 20, 2017 6:07 PM
Prepaid Rent (by Vee [OH]) Feb 20, 2017 7:02 PM
Prepaid Rent (by John... [MI]) Feb 20, 2017 7:05 PM
Prepaid Rent (by Chris [CA]) Feb 21, 2017 12:01 AM
Prepaid Rent (by Lynn [MA]) Feb 21, 2017 4:17 AM
Prepaid Rent (by Emily [TX]) Feb 21, 2017 10:04 AM
Prepaid Rent (by Shaun [FL]) Feb 21, 2017 11:00 AM
Prepaid Rent (by cjo'h [CT]) Feb 21, 2017 12:34 PM
Prepaid Rent (by Maurice [FL]) Feb 22, 2017 1:51 AM
Prepaid Rent (by Maurice [FL]) Posted on: Feb 20, 2017 3:57 PM
Message:
State Specific Question About: FLORIDA (FL)
It's tax refund time and I have a good tenant that would like to prepay several thousand dollars in advance so that her next 12 monthly rental payment will be almost half. Do you see any problems with this scenario ? --172.11.xxx.xxx |
Prepaid Rent (by Jim in O C [CA]) Posted on: Feb 20, 2017 6:07 PM
Message:
If allowed by Florida law OK.
If they go south it will be harder to remove but you will know X number of months of rent are paid.
I had a tenant that was always at least 4 months pre-paid because he traveled on short notice and was away for 1 to 2 months at a time. --108.89.xxx.xx |
Prepaid Rent (by Vee [OH]) Posted on: Feb 20, 2017 7:02 PM
Message:
Get an escrow account and send monthly statements showing damages and rent payments monthly, when the account is below 2 months rent value it is time to decide to refill or send down the road. --76.188.xxx.xxx |
Prepaid Rent (by John... [MI]) Posted on: Feb 20, 2017 7:05 PM
Message:
Be warned that in some states, any pre-payment of rent is considered a deposit -- and, therefore, maximum deposit laws apply! You could easily find yourself over the limit if your state has a maximum security deposit law.
- John...
--75.133.xxx.xxx |
Prepaid Rent (by Chris [CA]) Posted on: Feb 21, 2017 12:01 AM
Message:
I'm seconding John's concerns. It might be a form of LL entrapment. "Your Honor, the LL f o r c e d me to pay $ x,xxx" and voila, all the prepayment will be ruled unlawful and you must return it even if the tenant might be in arrears.
The worst tenant I ever had wanted to do some RTO thing. Bet he had figured out something letting him stay rent-free that way.
Some of the worst applicants TALK BIG. lying about the high incomes they are making etc. We need to keep looking for 'the baited hook'. --109.193.xxx.xx |
Prepaid Rent (by Lynn [MA]) Posted on: Feb 21, 2017 4:17 AM
Message:
Its' illegal in Mass. --96.92.xxx.xx |
Prepaid Rent (by Emily [TX]) Posted on: Feb 21, 2017 10:04 AM
Message:
Sounds like this tenant wants you to be the bank....I would ask her why doesn't she just open a savings account?
I guess I get why she is asking, assuming she's being straight with you, but I'm always perplexed by the ways people try to get others involved in their "savings." It's like the people who want lots of extra income tax withholding so they get a big refund, when they are better off getting the money when it's earned, not a year later after a tax free loan to the IRS. --155.201.xx.xx |
Prepaid Rent (by Shaun [FL]) Posted on: Feb 21, 2017 11:00 AM
Message:
Supposely, FL doesn't have a cap on Security Deposit. But 6 months worth of rent sounds like trouble.
I would suggest to them about putting it in an account in their name and having the account set up with automatic date withdrawal to you the LL.
I'm sorry, but I see them being short, not paying their half. I see them starting to resent you, wanting to borrow $$ from you, etc... --205.223.xxx.xx |
Prepaid Rent (by cjo'h [CT]) Posted on: Feb 21, 2017 12:34 PM
Message:
Maurice, Even though some people say it's illegal,remember the old adage" a bird in the hand, is worth two in the bush" .OK.I've taken a full year's rent up front.I wrote up a receipt stating what it was for.so no one could come back and say one person was gipping the other.Should be the same in your case,just like if you were renting to students,where you also charged for the year ahead of time.Do what you think is right!. Charlie....... ...... ..... .... ... ... .. . ...... ..... .... .. --174.199.xx.xxx |
Prepaid Rent (by Maurice [FL]) Posted on: Feb 22, 2017 1:51 AM
Message:
Thanks to everyone for their feed back. Since it does not appear to be illegal to take advanced payment for rent, I will be happily to act as this tenant's "Banker". I think Charlie (& The Steve Miller Band) summed it up best....Take the money and run :)
Maurice. --172.11.xxx.xxx |
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