All Forum Posts by: Justin Donohue

So, would most of you just sign the lease now and collect the security deposit even though move-in day is three weeks away? I didn't think people usually signed the lease until move-in day or the day before move-in. This makes the most sense I just didn't think a lease could be signed this early.

How does everyone handle getting a deposit to hold a property for an applicant? I have a tenant moving out at the end of the month. I listed the property when I received his notice and I have a qualified applicant ready to move in on the first of the month. However, there are three weeks to go before the current tenant moves out. Do I do a binder agreement and charge the same amount as my security deposit then stop advertising and showing the property? The amount would turn into the security deposit when we sign the lease or I would keep the money if the applicant bails on me a couple days prior to signing the lease. If the applicant bailed I would have to start the process over again and possibly be out a month's rent if I didn't keep the holding deposit.

I thought about that, but I think telling him he has to leave if he doesn't sign a one year lease is a pretty dick move. He's been a great tenant.

The security deposit isn't an issue at all with them. That is the first thing that I explained when the subject of one of them leaving came up. They are completely fine with that. I will be keeping the security deposit since one of them is still in the property and the other one can get his share back when the remaining tenant leaves.

I did think about trying to get the remaining tenant to sign a one year lease, but I'm not sure he would do that. I guess it doesn't hurt to try. Any incentive I can give to get him to sign a one year lease? I can't really think of anything.

I have a property that I have been renting to two guys as roommates for the last three years. They are both on the original lease, which was a one year lease that became month-to-month after the initial year. 

One of the guys just gave me the required 30 day notice and is moving out. The other guy wants to stay at least until the end of the summer, possibly longer. He does qualify and can afford the place on his own and they've both been great tenants.

Should I do a new lease with only the remaining tenant's name on it and make it a month-to-month lease? I received the 30 day notice so there's nothing else I need from the one who's leaving right? I assume I just have to do a new lease with the remaining tenant's name so the name of the guy who is leaving is removed?

Does anyone have an example of a lease addendum that I could use?

I want to raise the rent on a tenant that I've had for two years. I'm increasing the rent $50 per month beginning January 1st. What is the best way to do this? My lease doesn't talk about rent increases at all. The tenant signed a one year lease that expired in January 2015 and they are currently month to month. I was planning on calling the tenant to let them know about the rent increase and then mailing them a letter just to give them something in writing. Should I be sending them something to sign, like an amendment to the lease? I'm in Baltimore County, Maryland if that makes a difference.

Yes and yes! I currently have a rental that is upside down (albeit not as much as the OP), but still cash flows about $300 per month. I was a able to refi through the HARP program last year and it bumped my cash flow up.

Another vote for AO Smith. I had an electric one that lasted 24 years. Needless to say I replaced it with another AO Smith.

Yeah, I would never completely get rid of any application that someone submitted, whether they were accepted or rejected. I'm just trying to eliminate some paper and see if scanned electronic applications were acceptable. Seems like a hard copy of any leases should be kept.