Real Estate Investor · Washington, DC · Member since 2015 · 45 posts · 4 votes
How do you deal with a potential tenant who would like to sign a lease in 2 months? The property has not yet been rented...has anyone ever been in this situation? I do not want to turn away a tenant who would like to sign a lease sooner.
Rental Property Investor · Cleveland, OH · Member since 2016 · 126 posts · 71 votes
6y
Hi @Mimi J. I would tell them to get back to you in two months if they are still interested to see if the property is still available. In the meantime, keep looking for other qualified tenants.
Rental Property Investor · Cleveland, OH · Member since 2016 · 126 posts · 71 votes
6y
Hi @Mimi J. I would tell them to get back to you in two months if they are still interested to see if the property is still available. In the meantime, keep looking for other qualified tenants.
Hi @Mimi J. I would tell them to get back to you in two months if they are still interested to see if the property is still available. In the meantime, keep looking for other qualified tenants.
@Mimi J. If they want you to keep the apartment vacant for 2 months, then they need to pay you the rent. If it is currently rented and you won't have any vacancy (ie current tenant moves out end of Jan and the new ones move in Feb), then get a non-refundable deposit. A lot can happen in 2 months and what if they change their mind, then you are out rent.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
6y
It's okay to use your spidey sense in situations like this. Does that sound reasonable? if your best friend said to you that they had an applicant who didn't want to sign a contract until 2 months from now, what would you advise your best friend to tell those applicants?
@Mimi J. If they want you to keep the apartment vacant for 2 months, then they need to pay you the rent. If it is currently rented and you won't have any vacancy (ie current tenant moves out end of Jan and the new ones move in Feb), then get a non-refundable deposit. A lot can happen in 2 months and what if they change their mind, then you are out rent.
Thanks, Theresa. I told him he could either pay rent for the two months or follow up later to see if the house is still vacant.
Real Estate Investor · Washington, DC · Member since 2015 · 45 posts · 4 votes
6y
Originally posted by @Account Closed:
It's okay to use your spidey sense in situations like this. Does that sound reasonable? if your best friend said to you that they had an applicant who didn't want to sign a contract until 2 months from now, what would you advise your best friend to tell those applicants?
Don’t wait the two months almost 9/10 times they will change their mind or find something else. If they want to give you a non refundable deposit that may be something to consider but your mortgage (if there’s one) and property taxes still keep generating in the meantime...I’d pass in my opinion, not worth it.
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
6y
@Mimi J.
I know you decided not to rent to them, which is good. It has nothing to do with the quality of the applicant. It’s about lost rents. We get these all the time. People ask to hold for a couple months. The answer is always a polite “no”.
I know you decided not to rent to them, which is good. It has nothing to do with the quality of the applicant. It’s about lost rents. We get these all the time. People ask to hold for a couple months. The answer is always a polite “no”.
Thanks, Anthony...it was a first for me and wasn't certain if this was common. As a newbie, I just wanted to be sure to handle my response correctly. A polite "no" is always a sure bet!
Don’t wait the two months almost 9/10 times they will change their mind or find something else. If they want to give you a non refundable deposit that may be something to consider but your mortgage (if there’s one) and property taxes still keep generating in the meantime...I’d pass in my opinion, not worth it.
Nik, those variables ran through my mind...I listened to my gut and responded as Brian suggested. Needless to say, he hasn't responded back.
Real Estate Agent · Nampa, ID · Member since 2017 · 439 posts · 361 votes
6y
Sure, you can hold the unit for the next two months, but they will sign the lease now, and give you those two months worth of rent. I don't pull properties off the market until I have a lease signed and funds received from the tenant. People change their minds, back out, disappear etc, and that could be valuable marketing time to get a good tenant ready to sign a lease right away.