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Old 05-25-2013, 11:18 AM
 
10,746 posts, read 25,944,054 times
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Quote:
Originally Posted by FrugalYankee View Post
^^^^^
This. Someone who is desperate for a place to live that is under the radar and who has that kind of cash is also the type of person who can mysteriously post a few thousand cash to get out of jail.

I would run not walk from someone offering a rental on that basis and wouldn't dream of offering it because no decent renter would be willing to take it.

Since when is $1600 considered 'a lot of cash' to have on hand?

It's a lot (as in, shes asking for too much ) when applied to the op's situation, but not when you're talking about sitting in the bank or in your home safe.


I like to have a few more zeros sitting around in case something comes up
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Old 05-25-2013, 12:04 PM
 
Location: SW Missouri
15,853 posts, read 35,068,861 times
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As a landlord you are well within your rights to set the terms and conditions as you see fit. Keep in mind, however, that such a large initial "up front" amount of money will severely limit the amount of people who will be able to rent from you.

Also, you might do a little research regarding the landlord and tenant laws for your state. In some states renting out a room in a home is not the same thing and the laws are considerably different with regard to evictions, etc. Hopefully, you won't need to know this, but it's a good idea to be as informed as possible.

20yrsinBranson
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Old 05-25-2013, 04:32 PM
 
Location: North Idaho
32,565 posts, read 47,729,085 times
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Some actual advice: Do not take advance rent. Ask for $1600 refundable security deposit, not 3 months rent. If you call it 3 months rent, then the tenant gives you a 3 months notice and starts to live on the advance rent.

You are unlikely to get $1600 security deposit from a roommate. People do the roommate thing because they can not afford any more than that.

However, if the house is really nice and it is well decorated, and it is close to business or good public transportation, you can rent the room short term to businessmen who must be in the area for a week or two and would prefer to not stay in a motel. If you do that, I would suggest raising the rent a little bit and dropping the deposit amount a little bit. Traveling business people are less likely to tear your house up than students are. They are very unlikely to overstay.
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Old 05-25-2013, 04:39 PM
 
Location: North Idaho
32,565 posts, read 47,729,085 times
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additional note: I get substantial deposits on any of my places, even the cheap ones. So it is not like tenants can't pay that much. But I am renting houses with yards and garages, not just a room. Generalization, tenants looking for just a room probably don't have a lot of money.

Screen really hard and thoroughly before you allow anyone into the house where you are living and where your belongings are kept.
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Old 05-26-2013, 08:09 AM
 
Location: in a cabin overlooking the mountains
3,078 posts, read 4,367,460 times
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Quote:
Originally Posted by 20yrsinBranson View Post
As a landlord you are well within your rights to set the terms and conditions as you see fit. Keep in mind, however, that such a large initial "up front" amount of money will severely limit the amount of people who will be able to rent from you.

Also, you might do a little research regarding the landlord and tenant laws for your state. In some states renting out a room in a home is not the same thing and the laws are considerably different with regard to evictions, etc. Hopefully, you won't need to know this, but it's a good idea to be as informed as possible.

20yrsinBranson
Not neceesarily. In parts of Vermont the security deposit cannot exceed one month's rent.
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