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Old 01-03-2012, 12:38 PM
 
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Question to other landlords: Just got a call from a potential tenant, story is they just found out that their deadbeat landlord has been taking their money and not paying the mortgage, just paying the included utilities. The house is foreclosed and they must get out.

Since this is happening so fast, she has the first months rent, and needs the rest of what they have to pay deposits to Florida Power and Light, and the water co. FPL alone can ask a $250 or more deposit. They asked over the phone if I would accept a notarized promise to pay the last and security when they get their tax refunds, end of January.

What are my potential pitfalls should I approve them, allow them to move in? I'm sure there is a list along the lines of I'll probably have to evict them for non-payment, spend all that money in the court, then have to go to small claims. What is the strength of the notarized promise to pay? Should I just forget it?
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Old 01-03-2012, 12:48 PM
 
Location: Mount Laurel
4,187 posts, read 10,876,302 times
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Quote:
Originally Posted by wireyourworld View Post
Question to other landlords: Just got a call from a potential tenant, story is they just found out that their deadbeat landlord has been taking their money and not paying the mortgage, just paying the included utilities. The house is foreclosed and they must get out.

Since this is happening so fast, she has the first months rent, and needs the rest of what they have to pay deposits to Florida Power and Light, and the water co. FPL alone can ask a $250 or more deposit. They asked over the phone if I would accept a notarized promise to pay the last and security when they get their tax refunds, end of January.

What are my potential pitfalls should I approve them, allow them to move in? I'm sure there is a list along the lines of I'll probably have to evict them for non-payment, spend all that money in the court, then have to go to small claims. What is the strength of the notarized promise to pay? Should I just forget it?
If it was me.. NO.

Rent it to someone else.

I collect 2 months security at signing of the lease and without that, there is no lease.

The problem with allowing to promise to pay with their tax refund. What if they made a huge mistake and there are no tax refund?
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Old 01-03-2012, 12:58 PM
 
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Good point. Sadly I have not had my phone ringing off the hook with people wanting to rent. Even asking FLS is odd around here. First and Security is more the norm. At the very least this lady has no problem with me running her credit and background check or paying the $850. 90% of my calls are people who can't afford that, I put the price on the sign just to get the low ballers to stop calling. Had a guy stop yesterday, and like it, and take the pw, but his wife has not yet seen it, she may naysay it, and he did make it known that they plan to buy within the year so they are for certain only a one year tenant. The caller today already lives in the area, knows the neighborhood and her kids go to that school. Seems like a longer term tenant. I'm hesitant that is certain though, but due to damage from 3 tenants and the last one especially, and renovations I decided to do, the house has been empty 2 months, and I've paid the last 3. Hoping I don't have to pay this month too. So considering it anyway.
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Old 01-03-2012, 01:03 PM
 
Location: in a cabin overlooking the mountains
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Do you have a way of checking if her story is for real about being foreclosed on?

Is it possible for you to visit her to see how they have been treating the place they live in now?
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Old 01-03-2012, 01:17 PM
 
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I am going up there this evening to give her the application to fill out, I will ask those questions. I will also ask if its possible the bank will give them a few weeks to move out, if they say they have a place to go and just that the landlord won't let them move in without the FLS. We'll see. Their story is a pretty common story these days though, it would not surprise me to be true. I did run her name at least already through the public records of the local court. Basic marriage and divorce type proceedings nothing really bad.

Can't get real details on a credit report now either, as a LL that works out of the house I am now locked out of major details.
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Old 01-03-2012, 01:20 PM
 
Location: St Thomas, US Virgin Islands
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Unfortunately my answer would be no. It's perfectly normal here to require first, last and security and I wouldn't either expect a LL from whom I wanted to rent to diverge from that nor, as a previous LL, accept any excuses for someone's inability to come up with what's required upfront. Bad enough that they don't have any sort of financial cushion to cover them for this sort of thing but they probably don't have sufficient credit to be able to borrow it so that would be a no.

PS: Doesn't it strike you a little odd that they say they're going to buy a house yet apparently can't borrow the move-in costs and that you have to wait for the balance until they get their tax returns?

Last edited by STT Resident; 01-03-2012 at 01:24 PM.. Reason: added PS
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Old 01-03-2012, 01:20 PM
 
Location: in a cabin overlooking the mountains
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If you go through with this you may want to consider applying whatever monies they give you to the deposit as opposed to rent. That way if push comes to shove they will end up delinquent on rent as opposed to not having paid the security deposit.
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Old 01-03-2012, 01:34 PM
 
Location: The Triad (NC)
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Quote:
Originally Posted by FrugalYankee View Post
...applying whatever monies they give you to the deposit as opposed to rent. That way if push comes to shove they will end up delinquent on rent as opposed to not having paid the security deposit.
^^This.
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Old 01-03-2012, 01:40 PM
 
2,091 posts, read 7,056,024 times
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Quote:
Originally Posted by STT Resident View Post
Unfortunately my answer would be no. It's perfectly normal here to require first, last and security and I wouldn't either expect a LL from whom I wanted to rent to diverge from that nor, as a previous LL, accept any excuses for someone's inability to come up with what's required upfront. Bad enough that they don't have any sort of financial cushion to cover them for this sort of thing but they probably don't have sufficient credit to be able to borrow it so that would be a no.

PS: Doesn't it strike you a little odd that they say they're going to buy a house yet apparently can't borrow the move-in costs and that you have to wait for the balance until they get their tax returns?
Thats 2 separate potential tenants STT. FLS is not the norm, right now, and especially not in my area. Its unusual for me to be asking around here actually. And her story is, the landlord has been pocketing the rent. They just paid for the month, and that money is gone, their cushion is the cash they have to pay the first month wherever they end up and power and water. Their rent of $950 included utilities, mine of $850 does not. Their landlord only paid the utilities, not the mortgage, he pocketed that.
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Old 01-03-2012, 01:45 PM
 
2,091 posts, read 7,056,024 times
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Quote:
Originally Posted by FrugalYankee View Post
If you go through with this you may want to consider applying whatever monies they give you to the deposit as opposed to rent. That way if push comes to shove they will end up delinquent on rent as opposed to not having paid the security deposit.
Now THAT is a good idea. I could take the $850 as security and have them still owe me two months rent? Hmmm.
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