All Forum Posts by: Preston Humbard

Thanks for the information..We lucked out and got a single family in there. That sold that issue for the moment. Good info none the less to keep in mind!

@Wesley W. thanks that was my next step!

@Wesley W. Again great information!..That's exactly why I wanted to pose the question on here before I backed myself into a corner. It sounds like I jumped the gun a bit on advertising the unit and should have wait awhile.

Would a non-refundable hold binder be legal? Can you accept money from them before you technically own the property? I have looked up local tenant-landlord law and it does not get into the specifics of a situation such as this. 

@Wesley W. The seller said they were not interested in transferring their current lease so that wouldn't be an option in this case but thank you for the info. I guess this would lead to another question if typically leases are not signed this far out, how would one keep around good tenants until it is time to sign a lease? I figure typically most landlords run on a "first come first serve basis" when it comes to applicants.

Apologise for all the "Newbie" questions this is our first rental..we appreciate any and all info.

@Russell Brazil ..I understand there is always the chance tenants, whether a lease is signed or not, have the chance of backing out or finding something else. 

I posted the question because these tenants are being very adamant about wanting this place and moving along further in the process. They understand the lease does not start until June 1st. So I'm trying to figure out what to tell them or to do about the whole situation. I feel like "we just have to wait longer before we can do something further" has the possibility to run them off to something else.

Side note they seem to be great perspective tenants who at some point could be looking at "long-term." Just a husband and wife so minimal damage to property as opposed to college students or families with children and pets.

Just to provide some background my wife and I are going to be purchasing a condo and have a perspective close date of June 1st, 2018. We have signed a purchase agreement with the seller and got approval from the seller to advertise the property and also set up showings.

With that being said my question is what can we do if we have found tenants who meet minimum requirements and are interested in the property? I know a lease cannot be signed if we do not own the property but I also do want to risk losing the probable tenants. I also feel like just a verbal "yes we will rent from you" is also too risky because they could back out at the last minute.

Any advice on this would be greatly appreciated!!

@Jenifer Kynor Thanks so much for the response. I had thoughts about putting something in the lease along those lines and was hoping to hear someone else had done the same thing. 

My wife and I are buying a condo in a primarily college town. It has 3 rooms so most tenants will be unrelated. We are trying to figure out if we should do one lease for all or separate. One of the biggest questions that comes to mind in this situation is the security deposit. If leases are done separately how do you account for damage to the property in a common space (i.e. Kitchen, living room, bathroom, etc?)

I am assuming with a single lease you would just deduct the charges from the deposit then split it 3 ways evenly and return the remainder (if any) back to the tenants.

@Michael Scheapfer thanks for the welcome. I'm sure I will have a ton of questions as we move along through this process.

The rental we are looking at is a condo in the Aspenwood complex. Any thoughts or experience with this area?

@Sam Torvinen thank you as well for the welcome. I look forward to following your startup as well as it seems we are in the same place.

Hello Biggerpockets. My wife and I recently decided to take a leap into the rental business. We have been in Duluth, MN for 4 years and will be purchasing our first property this coming spring. We have so much to learn from this site about being a landlord. I also hope to make some local connections to help further educate myself on renting in the area.