Do you think a 1100 MOVE IN FEE, is unreasonable?

General Landlording & Rental Properties

6yFollow

Do you think a 1100 MOVE IN FEE, is unreasonable?

Charlie Moore

Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes

Done with security deposits, they come with too much bullcrap.

- How do you feel about move in fee

0 Reply

23 views

Most Popular Reply

Russell BrazilBusiness Member

Moderator

Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

Realistically....no one is going to pay that.

[email protected]301-893-4635 Podcast Guest on Show #192

District Invest Group546 Reviews

Website View Page

3 Reply

See this reply in the discussion

25 Replies

Jump to latestLatest

Sort by

Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
6y
Realistically....no one is going to pay that.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group546 Reviews
Website View Page
3 Reply
John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
6y
I only use deposits and pet fees. Has never been any trouble for me. This might be a bigger headache in other states.
0 Reply
Jeff Willis
CA & NV · Member since 2019 · 215 posts · 378 votes
6y
FEE?

Fee implies it is an extra non-refundable cost. Not going to fly.
1 Reply
Mary M.
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
6y
I also think “fees” are the next action tenants unions will lobby against. And trying To charge that large of a non refundable fee may put you at the forefront of that media and lobbying campaign
0 Reply
Jim Vanhorn
Investor · Roebling, NJ · Member since 2016 · 55 posts · 39 votes
6y
what percentage of the rent is that? In my market if it were more then 50% maybe 60% of the rent I do not think it would fly. so it really depends on your market.
0 Reply
Charlie Moore
OP
Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes
6y
@Russell Brazil
I got someone!
0 Reply
Charlie Moore
OP
Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes
6y
@John Underwood
The only thing that scares me is security deposits come with many rules and regulations
0 Reply
Charlie Moore
OP
Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes
6y
@Jeff Willis
What do you tend to do
0 Reply
Charlie Moore
OP
Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes
6y
@Mary Mitchell
Lol never ever would be that famous
0 Reply
Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
6y
What problems are you having with refundable deposits?
The DIY Landlord Book4.7248 Reviews
Website View Page
0 Reply
Mary M.
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
6y
Does the tenant know its non refundable? I dont know why anyone would agree to such a thing
0 Reply
Anthony Rosa
Rental Property Investor · New York City · Member since 2019 · 703 posts · 538 votes
6y
If you rent through a realtor isn't the fee 1 months rent. Or, if you buy a property with management services attached to it they have a whole bunch of fees just for paperwork. When I bought my first apartment I had to pay $700 just for submitting an application to building management for approval/denial. What's the difference?
0 Reply
Ryan Deasy
Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
6y
@Charlie Moore i offer two options, a security deposit or a non refundable move in fee. the fee is 1/2 the amount of the deposit (one months rent). it has worked very well for me.
0 Reply
John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
6y
Originally posted by @Charlie Moore:
@John Underwood
The only thing that scares me is security deposits come with many rules and regulations

So just know the rules and abide by them. Shouldn't be scary if you are clear on what to do and how to do it.

0 Reply
Michael Ablan
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Charlie Moore - I've started switching to Move in fees. We do half of a normal security deposit. People seem to like it once we explain the reasoning behind it.
Now we're learning about Surerty bonds, and will be coupling the two. That should give us all the benefits of the added income from the fee, as well as the protection from the bond.
1 Reply
Corby GoadeBusiness Member
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
6y
In general, we don't have trouble with security deposits. We follow local laws and document anything we hold back and send the tenant a detailed statement. What issues are you having?
0 Reply
Brian Ploszay
Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
6y
That amount of a move in fee would only be viable for an upscale rental. I do between $250 to $500.
0 Reply
Mary M.
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
6y
Can folks share their reasoning behind move in fees? Why would a tenant agree to a fee and without a security deposit dont they just leave a mess behind when they leave?
0 Reply
Michael King
Rental Property Investor · Navarre, FL · Member since 2019 · 913 posts · 640 votes
6y
An $1100 fee? I'd take the front door with me at the end of the lease, since I'd need to get something for my $1100.
0 Reply
Charlie Moore
OP
Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes
6y
Originally posted by @Nathan Gesner:
What problems are you having with refundable deposits?

Worried about disputes at end of tenancy! And having to put it in a bank and pay interest rubs me incredibly the wrong way
0 Reply
Charlie Moore
OP
Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes
6y
Originally posted by @Michael Ablan:
@Charlie Moore - I've started switching to Move in fees. We do half of a normal security deposit. People seem to like it once we explain the reasoning behind it.
Now we're learning about Surerty bonds, and will be coupling the two. That should give us all the benefits of the added income from the fee, as well as the protection from the bond.

Awesome!
How do you explain it when tenants ask about it? The fee?
I could really use this advice!

0 Reply
Charlie Moore
OP
Rental Property Investor · D.C · Member since 2019 · 501 posts · 102 votes
6y
Originally posted by @Michael King:
An $1100 fee? I'd take the front door with me at the end of the lease, since I'd need to get something for my $1100.

You got something, you got an opportunity to rent a home
0 Reply
Michael King
Rental Property Investor · Navarre, FL · Member since 2019 · 913 posts · 640 votes
6y
@Charlie Moore don't you feel if that if the tenant does not have a security deposit held in place over them, that they'll take less care of the property?
0 Reply
Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
6y
The security deposit is leverage to ensure the tenant abides by the contract and returns the property in good condition, hoping to get the money back.
If you charge them a non-refundable fee and no deposit, they'll know that the fee is already gone and they are far more likely to get that back from you by not paying the last month's rent, leaving the place filthy, stealing from you, etc. I'm a really honest person but if you charge me a non-refundable $300 fee, I'm not going to feel bad about leaving $300 worth of cleaning when I walk out the door.
I think your idea is a bad one and it will come back to bite you.
The DIY Landlord Book4.7248 Reviews
Website View Page
0 Reply
John R Barker
Member since 2019 · 5 posts · 0 votes
6y
Hell no. These "fees" are your cost of doing business. Totally unfair to the renter.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.