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First, last and security deposit
by Anonymous
on February 21, 2008 @19:38
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If a tenant can't come up with all three, what is the best way to handle receiving either the last month's rent or security deposit in installments. Should the installment amounts and due dates (for example $300 due March 1, $300 due Apr 1, etc.) become part of the lease agreement?
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Re: First, last and security deposit
by Jack
on February 21, 2008 @19:49
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Absolutely. If you do not collect all funds up front, at least make it part of the lease agreement. ** also state a deadline, that if it is not paid by the deadline, you will apply that months rent toward the deposit, causing the lease to be in default for non-payment of rent.
You can not evict as easily for not getting your full security deposit, but you can evict easily for nonpayment of rent.
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Re: First, last and security deposit
by Anonymous
on February 21, 2008 @20:00
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The purpose of the SD is to ensure against non-payment and damages. It seems counterproductive to accept installments for monies designed to protect the LL and premises to begin with. This tenant cannot afford the rental, obviously. What is the purpose of stretching them financially beyond their already meager means. No SD, no lease. No credit, no lease. No references, no lease. NO MONEY, no lease!
Ever hear of the catch and release program? Let this one go. There will be others.
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Re: First, last and security deposit
by Terry (ca)
on February 22, 2008 @03:00
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Most LL's only collect FIRST and SD nowadays because last month's rent runs into all sorts of legal interpretation issues. That said I would always insist on a FULL first month's rent and FULL SD in certified funds before handing over possession. Since last month's rent isn't absolutely necessary, IF any you want to put that on payments. BUT remember you must report as income if rental income collected..in that month. AND you may have to account for it too based on some state laws. Why all three? Take a higher SD equal to at least one month's rent or the max your state allows if need be.
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Re: First, last and security deposit
by Daniel (CA)
on February 24, 2008 @15:06
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I agree with "No SD, no lease. No credit, no lease. No references, no lease. NO MONEY, no lease!" I require 2X deposit Plus First months rent. I don't get into itemizing what the 2X refers to. In CA you can charge 2X for unfurnished and 3X for Furnished + 1/2 if they bring in a water bed. I don’t usually allow pets. So if I made an exception you would assume that I would want to charge more for a deposit. But legally you cant charge more than what’s listed. However, I determined that you are legally permitted to even charge 6X deposit for leases that are 6 months or more. This fact is usually hidden from landlords and tenants material. So on my unit of $1600 market rent, I charge $4800 certified funds to get the keys. But so far if someone has exceptional good credit then I charge 1600+1000+1600= 4200. You need to fully understand the security deposit protection that it allows to Landlords. With 1 month deposit or less you open yourself to problems. Because all unscrupulous people will be willing to risk 1 months rent. With a 2nd months deposit, you already have the tenant’s money funding your legal needs in evicting the tenant.
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Re: First, last and security deposit
by Nicole (Ca)
on September 30, 2009 @18:54
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I think it's wrong to try and get as much as you "legally" can out of people. You should interview tenants and make sure you run credit checks and check references so you can be somewhat comfortable with renting to them. I have good credit and a exellent rental history, but if a landlord is trying to gouge me for all the money he or she can legally get I will definately rent elsewhere. I think first and sd should be enough, and in times like this landlords have less room to be greedy. It all comes down to the basic principal do unto others as you would want done unto you =)
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Re: First, last and security deposit
by scott (la)
on October 22, 2010 @02:49
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What the hell do you need that much money for? I have never had a landlord/pm that didn't lie about the condition of the apartment and deduct security deposit as they saw fit. You people disgust me.
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Re: First, last and security deposit
by Lila McLain (California)
on September 25, 2016 @17:16
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You may feel that we are scumbags for charging a large sum, however let me tell you that being a landlord is not easy. You can have excellent credit all you want but if you live like a pig and disrespect the property your renting by ruining new carpets or letting pets tear the doors up by scratching them, breaking blinds, refrigerator trays and a whole long list I can continue to tell you about, but wont. Replacing the carpet is a minimum of $3000 dollars plus anything else that is done to the residential property is not cheap. I am not a slumlord and I don't want my property to be treated as such. I would love to give back a Tenants deposit if they left it the way it was rented to them. Hardly ever happens. I understand there are good tenants out there, however they are few and far between. Cleaning, labor and replacement costs are very expensive. Put the shoe on the other foot.
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by JamesFup (USA)
on June 1, 2017 @10:57
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by Semenlfj (Russia)
on August 27, 2017 @23:28
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