|
 |
|
Accepting lump sum rental payment at start of leas
by UP10 (MA)
on August 22, 2014 @08:26
|
I am considering renting to four students, and including their parents/guardians on the lease. Two of the students said in advance that their guardians do not have good credit, but that they can pay the rent for one semester in advance; and then again pay the rent for the next semester at the start of that semester. Also, one of the students' parents are abroad, so having them on the lease may present issues.
I know that Massachusetts only allows LLs to collect first, last, and security. But, if the tenants offer in this way, is it legal for me to accept? I would have them sign something that says they asked for this payment set-up, and it was not required by me.
If I could do this, should I have them sign a 4-month lease (for the first semester), which they pay upfront; and then near the end of that lease, have them sign a 6-month lease (for the second semester), which they pay upfront. Or is it best to have them sign one 10-month lease, with some statement about the rental payments?
Also, I don't know if the fourth student would want/could afford this pre-pay arrangement. I want to know my options before I approach them.
Any advise/strategy would be appreciated. Thank you in advance.
|
|
[
Reply
]
[
Return to forum
]
|
|
Re: Accepting lump sum rental payment at start of leas
by Wilton (IL)
on August 22, 2014 @08:41
|
[ Reply ]
|
|
|
Yes.
If they sign and agree to all my terms, I would accept the money in advance.
It will eliminate the need to try to collect each month.
If it is against MA law, I would do it anyway. That is just another example of how the law favors the tenants.
It is a good idea you had that idea that you sign their request for this arrangement.
|
|
Re: Accepting lump sum rental payment at start of leas
by Anonymous
on August 22, 2014 @09:27
|
[ Reply ]
|
|
|
I don't want to break the law. It's not worth the hassle later if the tenants turn out bad and decide to sue.
I want to know if tenants offer this form of payment whether it is legal for me to accept. Does the law say LLs cannot accept this or cannot require it?
Another option I suppose is to allow them to be month to month tenants. I haven't done that before, and I don't know how to have a lease in that case. Please advise.
|
|
Re: Accepting lump sum rental payment at start of leas
by UP10 (MA)
on August 22, 2014 @10:05
|
[ Reply ]
|
|
|
I don't want to break the law. It's not worth the hassle later if the tenants turn out bad and decide to sue.
I want to know if tenants offer this form of payment whether it is legal for me to accept. Does the law say LLs cannot accept this or cannot require it?
Another option I suppose is to allow them to be month to month tenants. I haven't done that before, and I don't know how to have a lease in that case. Please advise.
|
|
Re: Accepting lump sum rental payment at start of leas
by Garry (Iowa)
on August 22, 2014 @10:07
|
[ Reply ]
|
|
|
|
You should get first, last, and security up front, and go on a M-T-M lease with them. That way, if they cause trouble for the neighborhood by partying all the time, you can just give them a 30 day notice to move. Make ONE (1) person responsible for the ENTIRE rent on 1st of each month, and let THEM sort out who owes what amount to whom. If they are getting a whole bunch of money from their student loans, they should be responsible enough to put it away, and take it out each month to pay your rent. If they party it away, then they will pay the consequences when the rent comes due.
|
|
Re: Accepting lump sum rental payment at start of leas
by Bill
on August 22, 2014 @10:29
|
[ Reply ]
|
|
|
Take the money and get them to sign something saying they are voluntarily asking you to holding a balance for them to apply to future rent.
Get a good deposit and also get something signed as to how the deposit should be refunded at the end of the lease if any remains. Be sure to get forwarding address for each.
If the fourth student and his parent do not have the money or the credit then he is not qualified. It is enough that you take them without prior rental experience or an employment record. You should not be expected to also take them without adequate resources too. It is not your fault they do not have enough money and bad credit too.
In your lease, make them all "jointly and severally liable" for damages and unpaid rent.
|
|
Re: Accepting lump sum rental payment at start of leas
by Katiekate (New York)
on August 22, 2014 @15:57
|
[ Reply ]
|
|
|
No matter what you get signed...it is against MA law.
I had a tenant wanted to do this. . Refused. Because, that tenant can go to housing court the next week....win triple damages...get all the money back plus 3X.
Nothing you write will supersede state law.
The risk is...they get into trouble paying rent...then take you to court and you lose.
Get first, last, SD. Inspect often. Repair any damage immediately and make sure they agree in writing to pay for the repairs as they happen.
If they don't pay rent...you still have the last month rent to fall back on. It can take 2-3 weeks just to get into court in MA for an eviction, so you need to be prepared to act quickly if the rent isn't paid. Or the repair bills, for that matter
|
|
Re: Accepting lump sum rental payment at start of leas
by Anonymous (MA)
on August 22, 2014 @17:24
|
[ Reply ]
|
|
|
|
One of my previous landlord did that to me before in Boston, and later I did not want to pay rent anymore and she took me to court, and not only did I get all my rent money back, I also got another $25k extra from her, yahooooooooo!!!!!!!!!!!!
|
|
Re: Accepting lump sum rental payment at start of leas
by Anonymous
on August 23, 2014 @02:05
|
[ Reply ]
|
|
|
Collect first, last, and security deposit. I would use a month to month agreement, so when they get out of hand, you can rid yourself of them easier. I don't mean to sound hard, but you are dealing with students here, who are young.
By the way, you never write a lease that does not comply with the state's rental laws. Just as you never accept rent that far in advance, because if you are going against the laws of the state, the court will never rule in your favor when they decide to be irresponsible and damage your property, or not pay the rent.
It doesn't matter what the students say, talk is cheap, and actions speak louder than words.
Request the rent on the day it is due. Your option is to use a good lease and enforce that lease. Make sure you explain to them the requirements of paying the rent, and the consequences if the rent is not paid.....as well as any damages as they occur.
You make the rules, and will have to inspect regularly to make sure there are no damages. Accepting rent ahead of time because tenants don't have enough sense or enough discipline to park the rent in their bank account is just setting yourself up for failure.
|
|
|
Look-up
Associations
Attorneys
Businesses
Rentals Available
Rentals Wanted
Realty Brokers
Landlord Articles
Tips & Advice
Tenant Histories
Other Areas
Q&A Forum
Free Forms
Essential Forms
Landlord Tenant Law
Join Now
Credit Reports
About Us
Site Help
|
