Posted by camgere on October 21, 2008 at 21:43:46:
Most stationary or office supply stores have leases and rental applications. Ask the guy what his credit is like before you hand him the application with a credit check authorization. Just a little honesty check. Visit his current home. Call his current landlord, but even more importantly call the one previous to that. If he is a jerk his current landlord can’t wait to get him out. Check his references to see if they all say the same story.
Photo copy his drivers license. Make, model and license number of his car(s). I usually photocopy the front and back of the deposit check, but I guess you’ll have to wait for the first months rent. Draw up a contract for all the work to be done to your satisfaction for $500. Be very specific. When it’s done he can use this money for the deposit. If he does any damage it comes out of the deposit when he leaves. No arguments about how he deserves “$500 worth of free damage” after not coming up with a deposit. I’m betting there will be more than that. He absolutely, under no circumstances can move in without the first month’s rent. No “I’ll have it for you in 2 days guaranteed, but I have to move in now.” Once he’s in, it takes an eviction to get him out. I’ll bet the $4,000 worth of work he is going to do is actually going to be worth around $250. Does it really make sense that a guy with a girlfriend, 3 kids and 2 dogs that doesn’t have $500 will be a reliable source of rent? If you can’t tell by now, I expect you will regret doing this.
Application and Lease for Rental Duplex - Posted by Brandon ( IL )
Posted by Brandon ( IL ) on October 21, 2008 at 19:39:31:
Recently purchased a duplex to live in one side and rent out the other. Had a few questions…
The side I’m going to live on is going to be done with repairs pretty soon and we’ll be able to move in after getting the occupancy permit, but the other side needs more work than mine.
We had planned on getting the work done slowly as we earned the cash from our regular jobs over the course of a few months but a potential opportunity surfaced just recently. A fellow came by the house asking if we were planning on renting it, and I had told him the situation. He expressed interest and I let him take a look around the other unit. He is very interested and has offered to do all the labor required to get the unit up to code and granted the occupancy permit in leiu of a deposit.
He has a girlfriend, 3 kids and 2 dogs so that would be the downside but the thought of him doing 2-4K worth of labor in exchange for dropping a $500 deposit is almost irresitable. I’ve had a family member tell me that I need to ‘watch out’ because I’ve been screwed over on another property by another tenant but in this situation, the guy and his family couldn’t even move in til the work was done, ensuring that he actually completes it and does so quickly as they want to move soon. I don’t really see too much risk, I see more on this guys end than mine.
My girlfriend and I are considering it strongly but I’m not sure how to best put this in writing to protect ourselves in the future and how I might want to arrange it to make the most sense.
In any case, whether I go with this guy and his family or not, I will need an application and a lease, both of which I lost ages ago from my personal collection. I remember there being lots of free documents floating around a few years ago but now it looks like every site and their mother is trying to charge for even the most simple documents.
Re: Application and Lease for Rental Duplex - Posted by brandoncbsre
Posted by brandoncbsre on October 22, 2008 at 05:47:50:
Congrats on making your first purchase…I remember you posting awhile back.
As for the forms, I have a different solution. Pick up a copy of Nolo’s “Every Landlord’s Legal Guide” on Amazon. There is a CD full of forms in the back of the book that are in WORD form, so you can make any changes necessary. Plus the book has proven very valuable in my thus-far short career as a landlord.
I agree with Cam on the “Handy Andy” tenant. Get the work done and then pick a great tenant from a stack of applicants.
mrlandlord.com for an application.This will be a problem.If he is so wonderful he would do a job for someone else and pay you from the job and keep the difference.Have you even seen his car? My guess is he will do minimal work then claim he is done and get all upset if you say no,trying to push you into letting him move in