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Re: Question for experienced landlords regarding lease
Old 03-26-2006, 09:48 AM   #21
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Re: Question for experienced landlords regarding lease

Anybody with first, last and security has bought a house already.

Just get a security deposit and first month rent and make sure they have 3x rent coming in every month.
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Re: Question for experienced landlords regarding lease
Old 03-26-2006, 12:53 PM   #22
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Re: Question for experienced landlords regarding lease

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Originally Posted by tryan
Anybody with first, last and security has bought a house already.

Just get a security deposit and first month rent and make sure they have 3x rent coming in every month.*
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Re: Question for experienced landlords regarding lease
Old 03-26-2006, 12:56 PM   #23
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Re: Question for experienced landlords regarding lease

ist month and security is not enough in my experience...if they hold you up and dont pay last months rent you got nothing...you cant even start an eviction process for non payment of the last month ,at least here in nyc...it took me months to get my tenant out....when they moved in 3x rent was no problem but divorce and layoffs have a way of shifting things...in my opinion you can never hold to much in reserve....
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Re: Question for experienced landlords regarding lease
Old 03-26-2006, 01:55 PM   #24
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Re: Question for experienced landlords regarding lease

Rented my house 4 times. Two times an excellent experience and two times a night mire. Took 6 months to get last "person" out and he was a policeman.
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Re: Question for experienced landlords regarding lease
Old 03-26-2006, 03:42 PM   #25
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Re: Question for experienced landlords regarding lease

Quote:
in my opinion you can never hold to much in reserve....
I hear ya ... But I would have turned too many good people away if I held out for first, last and security.* Heck, I've got one tenant 9+ years who had first + $100 and built the security up at $100/mo.

Every eviction I've done happened when the tenant fell out of the 3x rent criteria (job loss, seperation/divorce, blah, blah, blah ...).* An eviction in MA will set you back 3 months if you act as soon as possible;* any longer, it's my fault (for being too trusting/forgiving).
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