All Forum Posts by: Wendy S.

@Jarreau Jackson

Welcome to the per room model. I did go through your template and while it has some basics there are quite a bit you've missed as well. I am no attorney and urge you to seek out one to cya. Also, get a copy of the Georgia Landlord Tenant Handbook.

With that said, I too do per room rental but just a few quick points to note.

With mtm Georgia requires 60 days notice by the Landlord whereas the tenant provides 30. Do you really want to do periodic tenancy?

Subscription vs rent , not familiar with this as they are renting a place. However, a lease is usually considered at minimum 1 year.

Find a way to see what the maximum utilities may run, factoring in different seasons etc, your internet and charge 1 flat fee for rent.

Early termination clauses, your late fee might need revision.

Don't remember seeing anything about overnight Guests, parking etc.

I am at 7 pages and still need to tweak a bit as I had a Tenant wanting to do a final walkthrough after 9 pm when I had gone to bed even though I saw Tenant earlier and didn't mention moving out same night with 1 full day left ahead to moving out.

Take your time and get it right, might need to pay a few bucks but it will be worth it.

Tenant June 1 to Dec per room rental expires Dec 31. Initially asked for 3 months extension to which we agreed in writing but then Tenant changed to request 6 months. We declined, and asked Tenant to confirm the 3 months extension with existing rate and terms.

Tenant sent numerous inappropriate correspondence, involved other roommates unnecessarily and told us no repairs can be done during Tenancy, after we caught water damage to the brand new bathroom that was installed. We also planned to pull carpet which got wet in a bonus room next to another bathroom that had to be repaired following a leak. Tenant said no repairs/construction work will be done during Tenancy.

We then wrote Tenant to say, we did not receive a confirmation to the 3 months, based on all that was happening and what we needed to do unfortunately we would not be able to extend beyond Dec 31st. The breakdown was untenable and we wanted to move on.

Tenant refuses to leave then asked for 60 days extension. We said no. Tenant then asks for rent to be prorated daily until move out. We said no, this is not our model. Tenant acknowledges and said correct, hence the request. We refer Tenant to read over the Rental Agreement signed. Tenant said fine, I am going to pay January's rent and that's that. We reminded Tenant Agreement expires Dec 31.

Tenant writes again, that 2 weeks into January is possible and again asked to waive fees, and only be charged daily. You know our response by now.

Dec 30 Tenant advised, of a January 2nd move out.

Our agreement has a 50% of rent for early termination. However in this case, there would be no need to notify and pay the penalty as there would be no Agreement in place.

We also have a holdover daily fee which is not considered rent if Tenant fails to move out completely by end of Agreement.

Rent is due on the 1st, so whether you choose to occupy 1 day, 15 days or 30/31 days full rent for the month is due.

Based on our scenario, would the most equitably solution be a 2 days Secuity Deduction if Tenant actually moves out on the 1st?

@Nathan Gesner thanks Nathan. My point exactly regarding the ambiguity. I am trying to remove the ambiguity. I'm also looking at another for $75 late fee after 3 days but again with a time due on the first so when do you start counting. If rent is due by the 1st at 3 pm with a late fee of $75 after 3 days does this mean you would only incur late fee if paid after the 4th. So if Tenant pays before 3pm on the 4th then no penalty?

Or $75 is due on the 5th and count the grace as being 2nd to 4th day?

Based on the above, would it best to not have a time associated. So it's clear counting starts on the day after rent is due?

I have seen a few variations and wanted to be as clear as possible and make changes for 2023.

@Tim Herman thanks for your reply and yes with regards to the handbook. However, it doesn't quite definitively explain how to count the day hence my question. One could argue $10 or $20 because it's late after a certain time it could be interpreted that $10 is automatically owed. However, because of the 24 hours requirements Tenant could still owe $10 or $20.

Hi All

If your rent is due by 3pm on the first with a daily late fee of say $10, how exactly is this calculated?

Would $10 be due on the 1st after 3pm, $20 on the second or $10 on the 2nd assuming 24 hours?

@David Jones not aware of any studies. However, in a fixed lease there is usually language for early termination so there is at least some guarantee the tenant will stay for the duration or at least provide adequate notice so you can prepare to rerent the property as well as possibly be compensated for early termination.

In Georgia a month to month requires a 60 days notice to the tenant while they can give you 30 days or simply leave.

@Estefania Navas

You have lived in the property for more than 1 year, so you have fulfilled your legal FHA owner occupied loan requirement.

To rent, all you have to do is move out and rent as you wish. You can browse the forums how to self manage or get a property management company. Either way, please speak with your insurance company or shop around to get a Landlord's policy rental as the one you have now is for you occupying the property. This might affect your monthly payment a bit as the rate may be slightly higher and of course if you claimed homestead exemption you would lose this as well, because it would now be a rental property.

No need to refinace into a conventional loan unless of course your new rate would lower your current mortgage, but with these higher rates we are seeing I highly suspect you already have a low FHA rate, plus refinancing also. has fees and costs associated with it.

@Dylan Speer, true. I would have gotten a Heloc that only required interest when used but now I'll be challenged to put this money to use as I'm losing money having it sit.

@Eliott Elias thanks. I netted $140K. This will challenge me to put this money to use.

@Rick Albert too late.

But I am looking at possibilities to use some of the funds to exceed previous cash flow, depreciation, mortgage paydown, tax reduction etc.