rental payment question

[Soterik]

Take pictures of the interior and exterior. Make 2 copies, have all parties initial both sets, they keep a set and you do as well. Window coverings are expensive, make sure you get pics of those as well.

Who takes care of the exterior? Mows lawn, etc.? That's usually part of a home lease as well. You can pay a service and include that cost into a monthly fee. Make sure they know they are responsible for all utilities (should be in lease anyway). Make SURE they transfer the utilities into their name(s).

[bt1211]

I've been a landlord for 20 plus years. I'm not sure why you are over- thinking this? If you do your due diligence and theirs references checks out, you've got damn near the perfect tenants.

Someone familiar with the neighborhood
Previous landlord gives great reference
Verifiable reason that they need to move
Willing to pay a year in advance
Including all their references check out

Man I'm not sure what else do they need to do?

[Evans, Marv]

I had rental property for over 25 years. Not long after starting, I developed a check in/check out form listing the items and features of the property. I also took pictures. All the items on the list had associated boxes - check in, check out, condition good, condition new, broken, needs replacement, properly/not properly cleaned, etc., comment (painted, replaced on such & such a date, etc). At the end were places for comments by me and the tenants. I took the tenant around with me and we completed the form, which I would give them a copy of signed and dated by me and them (everybody occupying the property). It stated the tenant acknowledged I had taken current picture documentation upon move in and would take appropriate pictures upon move out. It also stated the expected condition upon move out along with items required, like providing a receipt for carpet cleaning, etc. It was just move in/move out SOP and gave me & the tenant a good record and understanding of expectations. It worked really well.

[look 171]

Daniel, no not my first rodeo. My biggest concern is accepting the large amount and wonder if that can come back to bite me in the ass later should things go south. We are pretty easy landlords. Our properties are always completely redone, even in the not so nice part of town. Plumbing and electrical are always brand new. That, I mean we rip the old system out in the older homes and start fresh. I don't need that call about plumbing leaks or something if I am out skiing with the kids. This place is completely remodeled and its just two house from me.

[look 171]

I just hung up on the large lump sun. They are good folks for sure and very nice.

[look 171]

Originally Posted by Evans, Marv

I had rental property for over 25 years. Not long after starting, I developed a check in/check out form listing the items and features of the property. I also took pictures. All the items on the list had associated boxes - check in, check out, condition good, condition new, broken, needs replacement, properly/not properly cleaned, etc., comment (painted, replaced on such & such a date, etc). At the end were places for comments by me and the tenants. I took the tenant around with me and we completed the form, which I would give them a copy of signed and dated by me and them (everybody occupying the property). It stated the tenant acknowledged I had taken current picture documentation upon move in and would take appropriate pictures upon move out. It also stated the expected condition upon move out along with items required, like providing a receipt for carpet cleaning, etc. It was just move in/move out SOP and gave me & the tenant a good record and understanding of expectations. It worked really well.

Thanks for the tip. I have never thought about documenting the repairs or simple things such as carpet cleaning.

[look 171]

Originally Posted by dad911

Mature couple, your place has been empty, and they come with recommendation from a long-term prior landlord, posting cash up front?

What's not to love? Do your typical due diligence, I know this isn't your first rodeo, nor your local laws.

I like Bell's idea of putting rent in an interest bearing acct, to document your monthly draws.

I'd kick them back the interest if they leave the place spotless. Take pics before they move in(having just watched a landlord-tennant case on Hot Bench lol)

I am going to rent the house to them but still not sure about the accepting the largest but if I do, I may just do what Bell suggested (good one). Never thought about that. I will give them back their interest. Its the right thing to do.

[bt1211]

There is a standard form for moving in/out. I put the cost of replacement by each line item and of course pictures of everything.

Here in Chicago you need a separate account other than your personal bank account to keep deposits in. Maybe set up another account for that particular deposit and draw down from it each month

Xxx
Just read bell reply

[aigel]

Offering a lump sum rent payment up front has become more common than you think in this crazy rental market. It is a way for tenants to make the cut against all the other applicants. My neighbor just did that last year - must have been 40k up front. The tenants sold their house in the Silicon Valley and needed a house to finish out their jobs before they move into a retirement setting.

You need to consult a real estate lawyer. In CA, you cannot ask for more than 2 months rent to move in ("security deposit" and/or "last months rent" or whatever you call it - it is limited to 2 months rent in total). What if it is voluntary? How can you prove it was voluntary? Can they turn around and say you asked for it? This is where it gets iffy IMHO.

If lawyering up is too much hassle, just ask for the max security deposit of 2 months rent and go sign month to month rental agreement with them. A year lease is not good for you - it only protects the renter.

G

[bell]

Originally Posted by voron

they sound desperate. renting to desperate people. no.

only desparity I see is they want to stay in the neighborhood....

[Eric Coffey]

Originally Posted by aigel

In CA, you cannot ask for more than 2 months rent to move in ("security deposit" and/or "last months rent" or whatever you call it - it is limited to 2 months rent in total). What if it is voluntary? How can you prove it was voluntary? Can they turn around and say you asked for it? This is where it gets iffy IMHO.

It's perfectly fine/legal to accept advance rent voluntarily (addressed in post #3).
Proof would be in the form of documentation in the lease agreement, which all parties would sign to ignite/execute.

[Eric Coffey]

Originally Posted by look 171

Daniel, no not my first rodeo. My biggest concern is accepting the large amount and wonder if that can come back to bite me in the ass later should things go south.

As mentioned, just structure/document the least to specify that the additional rent is being submitted voluntarily, and is not a condition/requirement.
Just write it up as you normally would with first + security + pet/cleaning fees, and then add an addendum addressing the additional/advance rent. Probably a good idea to request (and photo-copy) separate checks as well.
The only thing that could really bite you is if you didn't clarify what the additional rent monies were for. You just want to be sure there are no vagaries, or any way that the additional rent could be interpreted as part of the security (or any) deposit. Easy enough.

Also, if you haven't already, it would be wise to set up a separate landlord trust account for any/all deposits and rent from your tenants. You can co-mingle funds from other tenants, you just don't want to co-mingle your money with theirs.