All Forum Posts by: Mike Davidson

Thanks for the response. I already have a separate account for this property, always had. My question was really about how to officially provide that account number to the tenant. Does that need to be on the lease? I may be overthinking this. I think I will just give it to the tenant in an email or something. 

Drawing up a new lease for an existing tenant. They want to setup an automatic payment directly through there chase account. The standard lease simply asks for Place of Payment with name and address. Should I give the account number for direct deposit when I meet them to sign the lease or should I provide the account number on the lease somewhere? 

The rent used to go to my property management company before who I just fired so I am a newbie in this drawing up the lease myself for the very first time. Thanks in advance!

Thanks so much Sue! This helps

Thanks for the suggestion on the side agreement. Is there a format around somewhere that I could just use instead of coming up with the wording myself?

So I just ended my contract with the property management company I have been with for last 5 years. I am going to manage my own properties now. The tenant at this particular house has decided to stay after the lease ends next month. Since there is no longer a property management company involved, I am obviously preparing a new lease, instead of renewing the existing one. 

The tenant has been here for 4 years. He has never been late on the monthly payments and takes care of my house like his own. We agreed on signing up another 2-year lease with an amount we both agreed on. The new amount is slightly higher than the existing rent. The only issue that has come up is that the tenant is saying that he absolutely wants to do the 2-year lease but he is not going to be able to manage the new payment for the first two months and wants to stick with the old amount for the those two months only. He says that he is getting a raise at work and will able to pay extra in the 3rd and 4th month to cover with differences. I completely trust him. Now my question is, should I prepare the lease in this way indicating the variable amounts for the first 4 months or should I just indicate the new rent amount on the lease and let him pay the old amount for the first 2 months based on this mutual understanding? Being a newbie, I want to keep the lease document simple, especially since I had already prepared it. Just came to know about this 2-month thing. Thanks!