All Forum Posts by: Rob Randle

What I've done is put passage knobs (that do not have a locking mechanism) for the bottom handle and a deadbolt for the top part. This way they will never get locked out (when the door closes behind them)

I don't do lock outs ;) per my lease it is there responsibility! If they are locked out they have to fix the situation. If locks are changed than they need to mail me keys! I self-manage across the country. All of this is lade out in my 14 page lease. On my website I have a an article where it details all of my amendments.

Rob;

To answer some of your questions:

1) Keep looking and searching. You should be able to find one. Also I would get a lawyer to get a solid lease. Downloading forms is risky. At a minimum use the NJ Realtor Lease agreeement.

2) NJ Truth is Lending is a good start. Other than that use the BP Forums to enhance your lease and how you perform as a Landlord

3) I do 2 leases. They sign both and send back to me. Then I send both and send and scan 1 copy back to them

4) I like to do both the Deposit and Lease the same time if at all possible. The Lease becomes void if the deposit check and first month's rent bounces

5) Yes; meet with a lawyer. They can help get the lease correct so they can defend it if you ever need it.

6) I don't use clauses for profitability. Lost keys is standard stuff that you always charge for.

Make sure you screen them and they qualify.  

Them make them put down a non-refundable deposit, that will be applied to the move in fees.  At least $250.  Something that will make them think before changing their minds.  If you make the deposit small, then they may just find another place and never let you know. 

But make sure you do a credit check on them and don't take a check.  Always accept money orders because they can always cancel a check.

I have held places for the right tenants, and use a "hold fee" (do not use the word "deposit" as deposits are refundable) and hold fee agreement for these situations.  My Hold Fee Agreement basically states that both parties agree that the unit will be taken off the market for this applicant in exchange for the hold fee.  If the applicant defaults, I keep the fee due to my lost ability to rent the place during the time I've held it for them.  If I default, they get their money back.

If they fulfill all rental requirements (pay me all money due, get utilities transferred, sign the lease , etc) then their hold fee converts to their security deposit.

I know many landlords that absolutely refuse to hold places for people and maybe in some markets you can get away with that, but in my market most people shop for a new place a month in advance, so if you don't hold the place at least a couple of weeks you're not going to get any tenants.  I've heard of other landlords whose policy is "until you sign a lease and pay the place is not yours".  If you can get away with that, great.  I can't.  That basically means you have a tenant paying for their current place and your place during overlapping weeks.  No one in my area would agree to that but apparently in hot markets you can get away with it.

@Rob Randle I agree with @Account Closed .  My only concern is "if everything goes on schedule."  In other words, you may not be able to deliver on Jan 1.  

I've run into so many difficulties closing on properties, that I never assume I'll close on time.  You may want to express to the prospective tenants that you expect the property to be available, but sometimes things are out of your control and if for some reason it is not available on time, their deposit will be refundable.  And that you'll give them an update mid-December if for any reason it looks like it may be a problem.

Also, if this is your first rental, you may want to keep running your ad, partly just for your own education--see what kind of interest you generate--and you can tell interested parties that someone has made a deposit, but sometimes people back out.  They can be second in line.

If the unit is popular and I am looking far enough out. I do not allow holds and require people to start paying rent on the day it is available. I have had many people be willing to pay to take the unit. I would be very careful about holding because I have had people walk away 2 days before they were suppose to move in. Luckily I had a break lease fee.