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CALIFORNIA ~ 6 months rent up front?
by Anonymous
on December 14, 2006 @14:28
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Can we get into trouble by accepting 6 months rent up front in California? The applicants do not have income, and this is the only way we will agree to rent to them.
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Re: CALIFORNIA ~ 6 months rent up front?
by MyPropertyMyRules
on December 14, 2006 @14:41
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I don't KNOW the answer to your question for sure. My application outlines the yearly rent, to be paid in monthly increments; therefore, it could be "paid off" early. But I have a question for you: What's the situation that makes you consider tenants who have no income? Just curious, what is there situation?
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Re: CALIFORNIA ~ 6 months rent up front?
by Anonymous
on December 14, 2006 @15:04
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nope...cant do it....check the laws regarding "deposits"...they vary depending on the unit being unfurnished, furnished or if a waterbed is in place...also strongly suggest you rethink renting to them if paying in advance is how they handle their money. they sound like perfect candidates for a mtm rental agreement...lastly, in california, you CANNOT collect deposits in the form of "first months rent" and "last months rent"...the first month rent is just that - everything over and above that figure is a security deposit, with the financial limits as stated in my first sentence
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Re: CALIFORNIA ~ 6 months rent up front?
by g.
on December 14, 2006 @16:22
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i would disagree with last poster. tenant can prepay rent to take advantage of a discount ofered by landlord for prompt or early payment. deposits or security deposits are totally diferent than prepaid rents. the issue of whether these tenants are a good risk is something else. i wouldnt take a chance on them without a co signer or guarantor,....perhaps their parents.
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Re: CALIFORNIA ~ 6 months rent up front?
by Jack Klein
on December 15, 2006 @00:10
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Since they have no income, I might consider accepting them on a prepaid 6 month renewable lease. (Only if I am unable to find a decently qualified tenant) I would agree to the renewal if they come up with the next 6 months 60 days before the expiration of the 6 months. (with 2 months security deposit in case they do not leave)
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Re: CALIFORNIA ~ 6 months rent up front?
by MyPropertyMyRules...
on December 15, 2006 @00:47
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The poster asked about "rent" not deposits but I wouldn't rent to them unless I were desperate because when their six months is up and they (possibly) have no dough, there could be trouble.
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Re: CALIFORNIA ~ 6 months rent up front?
by Terry
on December 15, 2006 @06:27
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PLEASE DO NOT DO THIS. That being said CA law DOES allow you to take multiple month's of rent up front (BUT PLEASE DON'T DO IT) as long as a fixed term lease of at least SIX MONTHS is signed. BUT PLEASE DON'T DO IT. They don't have income. They are desperate and you will be too after allowing them to take possession. Tenancies are NOT just about rent income. There is so much more to being good tenants which is why LL's run as many checks as they do..references from at least TWO prior LL's (verified LL's that is), VERIFIABLE source of income, employed, stable employment past, stable living arrangement past, no criminal background, good credit, etc. It can become a total nightmare if you do this and sign a lease with these folks and they turn out to be nightmare tenants in many of the "gray" areas. Evicting with all that money deposited as rent can be a complete nightmare. From 1950.5 (4) (c)
(c) A landlord may not demand or receive security, however
denominated, in an amount or value in excess of an amount equal to two months' rent, in the case of unfurnished residential property, and an amount equal to three months' rent, in the case of furnished residential property, in addition to any rent for the first month paid on or before initial occupancy.
>>>This subdivision does not prohibit an advance payment of not less than six months' rent if the term of the lease is six months or longer.<<<
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