The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Aimza on July 10, 2017, 10:41:16 AM
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Hello all,
I have tenants that I want to move in on 7/15, but I want their monthly rent payments and lease to start 8/1. Has anyone gone through this? I'm not sure how to phrase the extra 2 weeks of rent. Do I include a line in the lease? Do I make a separate document?
I'm finding it difficult to find information about a situation like this on the Internet.
Any assistance is appreciated.
Thanks!
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Just prorate the extra two weeks for July and have rent due the first of every month. Surely you want a lease in place from the time they move in?
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Just say that rent is due on the 1st, except that if the lease commences on a day other than the first, rent for that partial month is due on the date of commencement and will be prorated on an X/30 basis (X being the number of days of occupancy).
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DS is moving into his 4th apartment next week & ALL have prorated the partial moving month & then required the remaining months to be due on the 1st. Collect the partial month plus any security deposit at move in.
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I would get in writing and signed by them some sort of lease addendum stating their lease is starting 7/15, if the original lease they signed says 8/1. Then just prorate your rent for 2 weeks and charge it to them upon move in. Pretty simple!
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Thanks, all. I did an addendum which gave me 1 full month from 7/15-8/14 and then prorated rent of 1/2 month will be due 8/15. Further payments will be due on the 1st of every month.
I got their 1.5 month security deposit at signing as well.
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If someone moves in during the middle of the month, the full month rent is due upon move in-nobody moves in without paying the full deposit and a full month's rent-and then the partial month's rent is due on the 1st. As a landlord you take all the risk in the signing of a lease so you need to compensated in case you never see another payment and have to incur court costs. Taking a partial month's end upon move in gives me the willies.
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Here is what I do. I start with great tenants.
When they move in, I get 1/2 months rent, plus the full deposit. Less the holding fee. On the first, I get a full-months rent.
Good tenants will pay when rent is due.