All Forum Posts by: Misook Kang

Thanks @Matt Devincenzo. I see, that makes sense. I'm in the Midwest (in a suburb north of Indianapolis) and collected one month's rent for a deposit ($1900 for a single family ranch), which is what others were doing. I didn't think about the time between lease signing to move-in and will include a holding fee going forward. I'm learning and failing fast. This is extremely helpful and I appreciate you sharing this with me so much.

Thanks @Alyssa Wright. He mentioned it has been about two weeks since he signed, so I got the impression that I will have time to find a better renter and offered the security deposit as a peace offering...

@Matt Devincenzo Thanks for the detailed advice. May I ask what you typically use as a holding fee (amount or % of rent)? Do you also have an early termination clause in your leases? Since this happened before moved in, I don't feel right about exercising that and keeping the security deposit seems appropriate (hoping I can get a tenant in the same timeline).

Seeking advice for a first timer. I listed my home for rent and after 30+ days of reviews and home tours signed a lease on 3/30 with an individual who met my preferences for financial/credit history but could not move in until end of May. I agreed to that move-in date in favor of a tenant with a great credit score, history over immediate/faster tenancy.  Fast forward...lessee texted me out of the blue asking me to call and told me about a pay raise that didn't happen and that he cannot afford the rent and wants out, asked for mercy and grace etc., and mentioned that I can keep the security deposit if I want. 

What would you do in this situation?  We have a signed lease agreement which contains clauses for lease termination (tenant may terminate this lease agreement prior to its Maturity Date due to unforeseen circumstances with an early termination fee equivalent to two (2) months’ rent. Tenant must be up-to-date with full rent amount payments.) and default. I want to be understanding (despite some unwelcome commentary about my rental during a second tour that went on for nearly 1 hour after lease was signed...) and professional, but this sets me back to step one of finding a tenant while maintaining two mortgages/bills and outdoor spaces.