 early lock the unit (by HONG [MA]) Feb 22, 2019 7:47 AM
 early lock the unit (by Steve [MA]) Feb 22, 2019 8:11 AM
early lock the unit (by Steve [MA]) Feb 22, 2019 8:11 AM
early lock the unit (by rose [MA]) Feb 22, 2019 8:36 AM
early lock the unit (by plenty [MO]) Feb 22, 2019 12:39 PM
early lock the unit (by rose [MA]) Feb 22, 2019 12:45 PM
early lock the unit (by plenty [MO]) Feb 22, 2019 1:40 PM
early lock the unit (by Robin [WI]) Feb 23, 2019 5:24 AM
early lock the unit (by rose [MA]) Feb 23, 2019 5:37 AM
early lock the unit (by RentsDue [MA]) Feb 23, 2019 6:27 AM
early lock the unit (by RentsDue [MA]) Feb 23, 2019 6:52 AM
early lock the unit (by rose [MA]) Feb 23, 2019 5:22 PM
early lock the unit (by Steve [MA]) Feb 23, 2019 7:49 PM
early lock the unit (by HONG [MA]) Posted on: Feb 22, 2019 7:47 AM
Message:
Dear Sir/Madam:
I have a group students who want to lock my unit for from August of this year. This unit lease will end at the end of July .
this is the first time I meet for early lock.
I have questions
1. can I sign lease with them now?
2. if signed or not signed lease, can I get deposit? if so , how much I could hold?
3. if there is any changes before the lease takes effect,
what I need to do?
Thanks
rose
--205.167.xx.xxx |
early lock the unit (by Steve [MA]) Posted on: Feb 22, 2019 8:11 AM
Message:
What happens if the present tenants are not out & the unit's not ready for the new tenants?
In MA the maximum amount you can collect is first month's rent, last month's rent, a SD equal to first month's rent & a reasonable key / lock fee.
I don't have any student rentals. However I imagine you could have them all fill out rental applications now. Then presuming they pass a credit check, rental history check & the rest of your standard rental requirements, you could offer them the unit. I personally would want the first, last, SD & key fee up front before I would consider holding the unit for them.
--96.237.xx.xx |
early lock the unit (by Steve [MA]) Posted on: Feb 22, 2019 8:11 AM
Message:
What happens if the present tenants are not out & the unit's not ready for the new tenants?
In MA the maximum amount you can collect is first month's rent, last month's rent, a SD equal to first month's rent & a reasonable key / lock fee.
I don't have any student rentals. However I imagine you could have them all fill out rental applications now. Then presuming they pass a credit check, rental history check & the rest of your standard rental requirements, you could offer them the unit. I personally would want the first, last, SD & key fee up front before I would consider holding the unit for them.
--96.237.xx.xx |
early lock the unit (by rose [MA]) Posted on: Feb 22, 2019 8:36 AM
Message:
Dear Sir/Madam:
To the students, I never see that the students do not move out at the end of the lease. But I would take this consideration to this case, in case something happens.
thanks for your remind . I may consider to ask them to put refund deposit to hold this unit.
any other advice?
thanks
rose --205.167.xx.xxx |
early lock the unit (by plenty [MO]) Posted on: Feb 22, 2019 12:39 PM
Message:
They should put a HOLDING FEE... not deposit.
If you do not have the unit available for them THEN it is refunded.
IF YOU DO have the unit ready and they decline to move forward with lease signing the HOLDING FEE is not refundable. IF YOU OFFER them the home and they decline this FEE is yours for holding it for them.
ALWAYS CALL IT A FEE never a deposit
does that help? --184.206.xxx.xx |
early lock the unit (by rose [MA]) Posted on: Feb 22, 2019 12:45 PM
Message:
Dear Plenty:
Thanks for your help.
I have got it!!
have a good weekend.
rose --205.167.xx.xxx |
early lock the unit (by plenty [MO]) Posted on: Feb 22, 2019 1:40 PM
Message:
let me add...
ADDITIONAL TEXT -
WHEN IT ALL WORKS OUT, the current tenants leave, the new tenants move forward with signing the lease...AT LEASE SIGNING the HOLDING FEE is then applied to the monies due to move in. --184.206.xxx.xx |
early lock the unit (by Robin [WI]) Posted on: Feb 23, 2019 5:24 AM
Message:
If they're students ending a lease, I doubt she'll have an issue with them not moving out. --204.210.xxx.xxx |
early lock the unit (by rose [MA]) Posted on: Feb 23, 2019 5:37 AM
Message:
Dear Sir/Madam:
yes, college students never have problems to move out at the end of the lease.
They have no problem to pay rent either. just turning over is too often.
Thanks
Rose
--98.110.xxx.xxx |
early lock the unit (by RentsDue [MA]) Posted on: Feb 23, 2019 6:27 AM
Message:
If I understand correctly, the current tenants living in the rental are students who will be leaving. You have an incoming group of students who would like to hold the place. I have student rentals . This is is probably the only situation where I WOULD sign a new lease before the old tenants were out. But I do have some advice because I do have experience with this. I don’t like “ holding fees”. If they are serious they will get you full move in deposits and signed leases ASAP to secure the rental. I have had a group that stalled until they thought I would be stuck with a college vacancy and then tried to negotiate a lower price. The little morons didn’t realize that while they were “ strategizing “I had already rented it to somebody else. A holding fee could have messed that up. September is a long ways away and plans could change between now and then. If the number of roomates changes and they have not signed the lease and paid the full deposits then they are likely to find a place to accommodate their new requirements. If they are already paid and signed on your place they will make it work and you will not have an unexpected vacancy. --71.10.xxx.xxx |
early lock the unit (by RentsDue [MA]) Posted on: Feb 23, 2019 6:52 AM
Message:
Forgot to add: Steve gave you good advice about deposits. You can only collect first, last, Security ( equal to one months rent) and a key fee. I have no problem collecting all this up front. They are splitting it between roomates so it’s not a fortune for each of them to come up with their share. If you require renters insurance you need to deduct the amount of the policy from what you collect from their security deposit. --71.10.xxx.xxx |
early lock the unit (by rose [MA]) Posted on: Feb 23, 2019 5:22 PM
Message:
Dear RentalDue:
thanks for your remind.
yes, it is a group of students.
I talked to another landlord who also does the same as you.
but my concern is whether there is any legal problem.
in mass, deposit is very sensitive, if before moving in or lease taking effect, how do we handle deposit.
in mass, once landlords have deposit, landlord have to save deposit within 12 days(I believe) and give the receipt to tenants within 30 days.
in this locking status, what do I need to do?
thanks
rose --98.110.xxx.xxx |
early lock the unit (by Steve [MA]) Posted on: Feb 23, 2019 7:49 PM
Message:
Rose, on your receipt to the tenants just state the date received, who is was received from, what the money was for (1st, last , SD, key fee, etc), what form of payment (Ck, MO, cash, other), address & unit number of rental, and date on which these monies will be converted to use as first, last, SD & key / lock fee. The clock for compiling with the SD laws doesn't start until they are given the keys. --96.237.xx.xx |
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