First month's rent - pror
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First month's rent - pror (by 1Gr81 [NC]) Jun 12, 2018 8:22 AM
       First month's rent - pror (by 1Gr81 [NC]) Jun 12, 2018 8:23 AM
       First month's rent - pror (by Steve [MA]) Jun 12, 2018 8:41 AM
       First month's rent - pror (by JB [OR]) Jun 12, 2018 8:59 AM
       First month's rent - pror (by S i d [MO]) Jun 12, 2018 9:21 AM
       First month's rent - pror (by Oregon Woodsmoke [ID]) Jun 12, 2018 11:54 AM
       First month's rent - pror (by DJ [VA]) Jun 12, 2018 4:31 PM
       First month's rent - pror (by razorback_tim [AR]) Jun 12, 2018 5:23 PM
       First month's rent - pror (by Michelle [MI]) Jun 12, 2018 6:39 PM
       First month's rent - pror (by 1gr81 [NC]) Jun 12, 2018 7:31 PM
       First month's rent - pror (by Hoosier [IN]) Jun 13, 2018 4:44 AM
       First month's rent - pror (by NC INVESTOR [NC]) Jun 13, 2018 7:29 AM
       First month's rent - pror (by small potatoes [NY]) Jun 13, 2018 9:46 PM
       First month's rent - pror (by WMH [NC]) Jun 14, 2018 6:52 AM

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First month's rent - pror (by 1Gr81 [NC]) Posted on: Jun 12, 2018 8:22 AM
Message:

Just curious. Do you prorate the first months rent at lease signing?

Over the last few years, I have required a full months rent along

w the full security deposit, at lease signing, and I would prorate the 1st months rent on the second month. ie, that would be their payment on the second month.

I have also found this to be a good gauge of someones financial management skills.

My reasoning is the cost and time of an eviction. As an example, if they failed to pay their second month, and I filed for eviction, it would take the full second month to get them out.

Admittedly, I have never actually had anyone fail to pay on their second month.

I am signing a lease today, and as I have been doing a lot lately, I am reflecting on why I do things the way I do them, and always trying to improve.

I would appreciate any insight into my "Yes, I'm overthinking everything too much" moment. :)

Thanks again. --74.124.xxx.xxx




First month's rent - pror (by 1Gr81 [NC]) Posted on: Jun 12, 2018 8:23 AM
Message:

Wow.... I promise I didn't space my question like that. (I hope)

That's very hard to read. Sorry. --74.124.xxx.xxx




First month's rent - pror (by Steve [MA]) Posted on: Jun 12, 2018 8:41 AM
Message:

I also like to prorate the 2nd month. I find it's much easier to get $'s from them while we're still in the honeymoon stage. Also in MA we are limited in how much we can collect so I'd just as soon max that amount out.

--72.93.xxx.xxx




First month's rent - pror (by JB [OR]) Posted on: Jun 12, 2018 8:59 AM
Message:

Yep, you're doing it right. You want to get the maximum up front. It provides some extra protection from the deadbeats who want to get in cheap and won't pay a few days later when the next rental month is due.

It's how all the big boys do it... --50.45.xxx.xx




First month's rent - pror (by S i d [MO]) Posted on: Jun 12, 2018 9:21 AM
Message:

I typically collect the first full rent payment due, then prorate the second. I say "rent payment" because I also have bi-weekly and bi-monthly plans in addition to monthly. --173.19.x.xxx




First month's rent - pror (by Oregon Woodsmoke [ID]) Posted on: Jun 12, 2018 11:54 AM
Message:

Full month rent, full deposit to get in. That is part of the screening. If they can't come up with that much money, I don't want them.

If the tenant wants rent due on the first then the second month gets prorated. I often have rent due during the month, but I don't have 100's of units to keep track of. --174.216.xx.xxx




First month's rent - pror (by DJ [VA]) Posted on: Jun 12, 2018 4:31 PM
Message:

Same here - get the first payment in full, prorate the second. Unless they can pay 1 1/2 months at move-in. That's even better. --68.10.xxx.xxx




First month's rent - pror (by razorback_tim [AR]) Posted on: Jun 12, 2018 5:23 PM
Message:

I prorate the second month as well. --70.178.x.xx




First month's rent - pror (by Michelle [MI]) Posted on: Jun 12, 2018 6:39 PM
Message:

I prorate the first month's rent only if the lease signing is on or before the 10th of the month. --67.177.xxx.xx




First month's rent - pror (by 1gr81 [NC]) Posted on: Jun 12, 2018 7:31 PM
Message:

Michelle, that was one of my original thoughts, this morning, that inspired my question. At what point does it cross over? I think that may well be my new (refined) policy, as well. (After the tenth)

Thanks for the great support and responses.

I have been doing some estate planning lately, and is has me wondering if I can explain what I do and why I do it. Organizing the, hopefully distant future, “hand off” to my grown kids.

The update to tonight’s lease signing...she decided to pay the whole month and a half as well as the deposit. Let’s hope this is the sign of a great year to come.

Thanks again. :) --74.124.xxx.xxx




First month's rent - pror (by Hoosier [IN]) Posted on: Jun 13, 2018 4:44 AM
Message:

I agree with many who say get full month's rent first month, prorate the 2nd month....I've done this with success. --99.92.xxx.xxx




First month's rent - pror (by NC INVESTOR [NC]) Posted on: Jun 13, 2018 7:29 AM
Message:

In NC we are supposed to prorate first month but not last month if they leave early. I use te NCREC lease written by the NC Bar and they require it. --71.75.xx.xx




First month's rent - pror (by small potatoes [NY]) Posted on: Jun 13, 2018 9:46 PM
Message:

I also prorate the 2nd month. Never had a problem explaining this to tenants until this month. Took about ten minutes to tell the nice young couple that this how it is going to be and that I'm not giving them keys without a full month rent paid. I explained to them that it is the same amount of money either way, but having a full months rent let's me know they have funds. --24.194.xx.xx




First month's rent - pror (by WMH [NC]) Posted on: Jun 14, 2018 6:52 AM
Message:

I figure there is nothing magic about the first or the 15th of the month. I can start the lease on any day at all, so no pro-rating first month's rent. If they want to move in on the 12th, then their lease runs from the 12th of that month through noon on the 11th of the last month of year... --100.36.xx.xxx



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