All Forum Posts by: Damian Callaghan

Hey there - I’m looking for any creative ways to buy property near  my sons chosen college. This is nothing to do with getting in state fees as we are already in state. This is a way to joint invest with my son, not throw $15k a year away on renting for his 2 years at college and a long term investment. 

The 20% deposit is always a killer - tips and tricks welcome. Also guidance on. Using in trust or in his name 

 Seems absolutely fair and what I agreed. 

 I was concerned what my rights were with regards to the 1 month security deposit and if I was in my rights to keep it. In other word they forfeit their deposit for changing their mind. 

I went back and reviewed the contract and it states.

1. $2600 security deposit would be taken at time of contract signature

2. $2600 first month rent would be collected at time or signature. 

Even tho it states the above I agreed to delay the first month until after tbr HOA approval. I have text confirming this was I good faith.

Given we had collected monies per the contract and following some further research I am now thinking the tenant came off OK even if I do keep the deposit (which sounds legal) for the following reasons 

1. If then had paid both lots of $2600 I think I am entitled to keep both 

2. Given we entered a contract I believe the tenant is actually liable for the entire year!!!!!!!!

reading the fine print I believe they are supposed to provide written request to cancel the contract and only then we agree terms by which I am prepared to allow the contract to end prematurely.

I intend to call an attorney so I have one on call (I have some other passive income investments I am about to close and think some advice and structured contracts may make sense in a pay per enquiry or letter would be a good thing). I want direction on actual terms to point to which confirm the tenant is responsible and what I want from a termination perspective. 

We are about to rent our home and move in to a bigger family home. I found a tenant and we both signed a contract. I am in a HOA that had some stipulations. The intent was to take 1 month rent and 1 month as a security deposit but I just took 1 mth until they got approved by the HOA. I did open a separate bank account and deposited the 1 month. There was a fair bit of back and forth as the tenant didn't have a SSN and the HOA wanted background checks but the tenant had lived on the same development for 2yrs. They were eventually able to provide evidence of good standing and background check from their current mgmt agent. I did agree to give full refund of anything went wrong with hoa applications. Nothing did! But the client txt to say their current mgmt company and landlady made a mistake and they don't have to vacate their current property. In other-words mistake or change or mind. I am reviewing the contracts but wanted to ask the forum on if I am obliged to refund the deposit… one additional point. I have offered to give a full refund if I find a tenant before their expected move in date - if I am not out of pocket I am inclined to be fair. This is my first time as a landlord and this makes for awkward circumstances but it is also a business and not a charity - where do I stand?

 Happy to discuss further if you think you can service this loan. Direct message me 

Chris - thanks for the recommendation. How would one go about finding a private lender?