Construction/ Investor · Santa Maria, CA · Member since 2017 · 29 posts · 9 votes
I have been lucky with renters over the last 5 years, and have rented to people I know. I am currently going to rent to a stranger, and want to know from BP what is typical to ask for up front? First & last plus a deposit?
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
I get first and security but load up on security. An eviction filing and legal costs can eat that up in a heartbeat. I get 1.5 times the monthly rent as a security deposit. Some states have regulations regarding how much may be charged. Also, if you are going to be a landlord, download your state statutes and know them.
Investor · San Jose, CA, Bellevue, WA · Member since 2016 · 327 posts · 257 votes
9y
Generally just first plus deposit. The only time I've asked for first plus last plus deposit was when renting to a person who had just moved to the country and had no credit.
Watertown, MA · Member since 2016 · 27 posts · 17 votes
9y
Just first and security for me. I list my rentals myself, so no fee for the prospective tenant either.
It makes my rentals much more appealing. I got $2,100 for a place for August 1st. My tenant had to come up with $4,200 to move in. Had I used a broker and asked for last month as well, they'd need $8,400 to move in. Makes a big difference for me personally on how quickly I can rent one of my properties.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
I get first and security but load up on security. An eviction filing and legal costs can eat that up in a heartbeat. I get 1.5 times the monthly rent as a security deposit. Some states have regulations regarding how much may be charged. Also, if you are going to be a landlord, download your state statutes and know them.
Look at the state statutory framework for guidance, but typically, it's equal to one month's rent. Given my experience with the Security Deposit issue, I won't collect one. Too much liability. I approach it completely different.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
9y
What is customary in your market? For my personal properties, I load up heavy and security deposits and do not waiver on these. Some tenants try to play the old "keep my security deposit for my last months rent" game. If their deposit is much higher, they never ask that question. Also, due to laws regarding service animals and not being able to charge a higher deposit, I make ALL my deposits much higher in the event someone has a service dog. Last but not least, if forced to evict, that is expensive and I hopefully have near enough in the deposit to offset those expenses.
Last but not least, if forced to evict, that is expensive and I hopefully have near enough in the deposit to offset those expenses.
Floating the security deposit funds to cover your filing costs and attorney's fees? Nice. Demand discovery on the bank account (he already disclosed its name/address in writing w/in 30 days of accepting it- and if he didn't then bang him on this too) and you'll have proof of conversion/theft. Even if he files the eviction, a conversion counterclaim is cause of action since nothing in 772.11, Fla. Statutes precludes the validity of such demand for return of your property should you make a written demand for its return. In other words, it doesn't matter if they file suit to recover on the security deposit first; your demand pursuant to the direction in 772.11 for its return is valid and enforceable. You're welcome.