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I don't think NMSFM read the thread and thus didn't understood that CptRn inadvertently responded to an older post. When you take the time to read the whole thread, all becomes clear!
Oh, I know; but to think it's nuts to have a cash reserve, is well....nuts.
Oh, I know; but to think it's nuts to have a cash reserve, is well....nuts.
LOL! I think it's nuts to expect a prospective tenant to have that kind of cash. In a perfect world, we'd all have at least that much disposable money in the bank......a girl can dream....
I am an amateur landlord and when I was a tenant I did pay fls. I would not have rented any place out of my budget. Fls is considered standard still in most places. Eventually I bought a house. I became a landlord and rented it out. I have been screwed many times when I did not charge fls with damages and tenants failing to pay rent.
Now I charge fls without fail. My current tenants were prepared to pay it and are happy knowing their last month is prepaid. I also have 3 months mortgage saved as well as the windstorm deductible.
You guys are completely right about a tenant renting within their means. I'm on a fixed income, and even I have a reserve. It's small compared to people of means, but it's enough for me to pay for a deposit of 2x rent, plus first month's rent, and I nearly have enough saved to move, too. We're talking public housing, but it's all relative.
I just happened to be perusing this forum and noticed my old post.
Since cptrn was so eager to lecture me about my finances and have me read it, I figured I would chime in.
I never said I did not have the deposit amount or that it was a hardship. In fact, I did have it and it did not break me financially to pay it. I just did not think it was reasonable to have that much money held by a landlord. It was annoying. I was not a risky rent proposition- in fact I was a very good one. The deposit had everything to do with my landlord's hangups and nothing to do with me or my credit profile. I was in a major metropolitan area at the time . I did not realize it was my responsibility if some of the city's population were deadbeats. I thought that was the point of the credit check and references-to establish that I was not. And yes, I had one spelling mistake, but i am otherwise literate. It is tough though, living in a world of perfect spellers.
And now the epilogue:
I've since moved from that place. I left the rental in spotless condition when I left. I had it professionally cleaned with carpets shampooed before I left. I was fortunate enough to have a corporate relocation package with full white glove service so the movers took precautions to make sure the carpet was protected and walls and doorways were padded and not damaged during the move. Though the landlord tried very hard to find some reason to keep my deposit, he could not. Actually there was one small deduction-for 'replacement' of the sink drain stopper that the movers must have inadvertently packed. If I had noticed it, I would have gone to the dollar store and
purchased a new one myself. ( this was after he stole the cleaning products and a trash can that were still on the premises after my stuff had been moved and the cleaning crew was there but before i turned over the keys). He of course waited until the last possible day allowed by the local law to mail my deposit , less $2.99 for the sink stopper.
And by the way, I turned over possession 10 days earlier than I said I would, even though I had paid for the full period. I did not ask for a refund. So the landlord got a bonus there, too.
I am now renting a much better house in a different city and I have only had to pay one months's rent as a deposit. This house is rented through a property management company and in contrast to my dealings with the prior owner, this has been a completely professional experience. I hope to be closing on a
house purchase within the next month. Part of my my motivation for purchasing was my experience with the landlord in the other location-I have no desire to encounter a 'not normal' landlord ever again.
I am not surprised by some of the reactions to my initial post. I was new to the city data forum then but have spent a lot of time since reading it. I have learned that there are some who assume that all tenants are losers and are quick to find a way to justify anything a landlord does, however unreasonable. For the most part however, people are great and make incredibly knowledgeable posts that I have learned a great deal from. So my thanks are to the frequent posters who have helped me avoid mistakes , especially during my current negotiation and purchase process. And btw, I admit to being judgmental and slightly inflammatory (though it was unintentional) in my original post. I was just really really frustrated with the nonsense I was encountering when I was looking for a rental.
LOL! I think it's nuts to expect a prospective tenant to have that kind of cash. In a perfect world, we'd all have at least that much disposable money in the bank......a girl can dream....
tenant, landlord, homeowner, doesn't matter.....it's a smart thing to have. Ever read Dave Ramsey?
I think several recent posters aren't reading the thread-starting post. The OP was citing a $2500 rental where the LL required first, last and security upfront (nothing unusual in that) which rankled him for some reasons which simply made no real sense - and still don't in his latest comment. Obviously if you're looking at a $2500 rental with the (again, perfectly normal) requirement of first, last and security then you're going to need minimum $8K in your account. What the landlord does with that money is his own business - as long the security deposit is forthcoming at the end of the tenancy in accordance with state law.
Actually the original post and the reason I was annoyed was that the situation -two landlords requiring large deposits-would require 10k to 13k of my money in someone else's bank accounts (concurrently, due to the law permitting the old landlord 30 days to return my deposit).
The fact that my concern did not make sense to the world at large made it no less annoying to me. And I've already admitted that my post was a 'vent'.
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