All Forum Posts by: Lacy Tilley
Lacy Tilley has started 7 posts and replied 23 times.
Post: Placing tenants, rents, ocup and occupationsduring the PANDEMIC!!
- Cleveland Ohio
- Posts 24
- Votes 1
What is every body doing in terms of placing new tenants? From turn overs, rents, leases and deposits.
I just had a great tenant move out as per our lease. The house will be getting a 7k make over. After it sits for 4 days (to let all the germs die)
I've been pondering on collecting more than first months rent or increase security deposit or prepaid rents till everything is calmed down.
My fear is a new tenant paying 1st month and riding out the deferred evictions rules due to covid 19
So people What adjustments are you making to the covid-19 pandemic??
Post: Obsessed Newbie from Cleveland, OH
- Cleveland Ohio
- Posts 24
- Votes 1
Post: Six Month Lease? then month to month fees?
- Cleveland Ohio
- Posts 24
- Votes 1
Hello BP
My other half and I have acquired our second property!
I had found renters from my first house that did like the location but like this location. They have pets and are looking for a short term lease 6 months then month to month. previous home owner looking to purchase new house in spring. (good credit)
Home will need ac and a new kitchen. These tenants are ok with the condition of just decent paint and Vinyl plank floors down since pets. I believe this will help me start cash flowing off the rip (2 weeks after close)
I currently structured at 1075 for 6 months then 1100 when month to month.
When they move out i know i will have to paint trim kitchen, thought this would work well to have these tenants bring me to beginning of spring and pay for the updates/
Any tips on rent pricing? Fee's? or lease structure? How about Lease termination if they find a house before 6 months?
Post: Security deposit and lease termination.
- Cleveland Ohio
- Posts 24
- Votes 1
Originally posted by @Jennifer T.:
With that said, I don't feel a LL can normally charge for their "time" or a fee, unless those consequences were spelled out ahead of time.
Thanks for the input
What is a "LL"? How would you recommend structuring that fee 2 months rent? a flat amount? The properties i have are primarily 1000-1200$
Post: Security deposit and lease termination.
- Cleveland Ohio
- Posts 24
- Votes 1
Originally posted by @James Wise:
Originally posted by @Lacy Tilley:
I wonder what @James Wise would do
To clarify, the tenant signed the lease and paid all of the move in fees but did not yet move in. Did you deliver possession to them? IE hand them the keys when all of this happened?
Yes we agreed they could have the keys early ( to ease the move of leases ending, as long as they had utilities in their name. that was on the 22nd. I also a greed to let them paint the closets (there request) which they had started.
Post: Security deposit and lease termination.
- Cleveland Ohio
- Posts 24
- Votes 1
Originally posted by @Andrew B.:
Given the circumstances, the maximum you can take from this person is the 3 days in August, September rent, and any fees accrued while looking for this new tenant. You handled your end by taking immediate action to mitigate your losses. Tenant should handle their end by making you whole, as though they had moved in.
I feel this is fair. How would I estimate my fee's? When most damage is my time. ( I self manage)
Post: Security deposit and lease termination.
- Cleveland Ohio
- Posts 24
- Votes 1
I wonder what @James Wise would do
Post: Security deposit and lease termination.
- Cleveland Ohio
- Posts 24
- Votes 1
Originally posted by @Jeff Willis:
Most states have laws that cover your situation, as to use of security deposit. Here is an example of California (most are similar)
This is ohio. Ive read the laws. I cant find anything on it.
Post: Security deposit and lease termination.
- Cleveland Ohio
- Posts 24
- Votes 1
Originally posted by @Mike Cumbie:
It sounds like you have lost use of this property for 3 days. That would be the extent of my damages. You can't rent it to both for the same time period and in many places you are required to make an effort to find another tenant (which you have, Congrats). If they have not moved in there should be no damages, the first months rent is actually being paid by the new person so all that's left is the prorated rent (3 days).
Just my thoughts and good luck. Now if your documentation is different and your local laws are different you can go with that.
I apologize i had the months wrong. Corrected them now ^^. Im actually out the 3 days in august and all of september.
Post: Security deposit and lease termination.
- Cleveland Ohio
- Posts 24
- Votes 1
Any input would be great.
The tenant had told me she cannot go through with the lease.(circumstances are legitimate but an agreement is and agreement)
Signed on aug 15th for move in on aug 29th for a 2 year lease. With security deposit and first months rent(sept) and prorated rent up to the first month (3days). Tenant has not moved in yet. I have tried to get a tenant in there as soon as possible. I found a qualified tenant But can only get them as early as October 1st.
My lease is pretty specific that that are responsible for the full term. And security deposit is to uphold the agreement of the lease not just property damage.