[ProRachel]

Help!!

My husband and I have decided to rent our home. We found renters back in October. My husband handled everything. (Sort of.)

Against my approval he let them sign the lease by only giving us half the deposit, not including having first months rent! We were first time landlords and they were a young couple with four small children; so I thought to myself; well, my husband was just trying to be charitable and understanding.

What a terrible mistake! By the time they got us the rest of the deposit, first months rent was already late. It was after the second call about the rent being two weeks late that they informed us that they were not only NOT going to pay rent, but they also informed us based on Florida laws it could take us UP TO 6 months to get them out. We found out soon after that they were evicted from their last residence and planned on going to back to Michigan in a couple months, so signing a year lease with us was just a ploy to have a place to stay until they were due to go back (for whatever reason).

Thanks to our lawyer, and a not so cheap price, we managed to get them out in about four weeks. But not before we gave them almost their entire deposit to just get the heck out of town as soon as possible. This young couple was obviously some what "professionals". They accomplished their goal in finding a place to stay for practically free for a couple months and we learned a hard lesson. So I thought...

Now, we have found possible new tenants. My husband told me he would be meeting with them this week to sign the lease. I asked him if he was clear on informing them that A DEPOSIT AND FIRST MONTH'S RENT WOULD BE DUE UPON SIGNING THE LEASE. He said no, that he only told them they had to have the deposit and could pay first months rent after they got moved in!! He obviously did not learn his lesson!! I begged and pleaded with my husband not to let them sign anything and reminded him of our last tenants and really insisted on him calling them back and telling them he made a mistake.

I really feel my husband isn't listening to me because he feels I don't know anymore on this subject than he does. So, for my information, my husbands information, and for our financial safety as well as the rights of our future tenants... WHEN IS THE PROPER TIME TO LET A TENANT SIGN A LEASE?

[excon]

WHEN IS THE PROPER TIME TO LET A TENANT SIGN A LEASE?

Hello Rachel:

When his wife tells him! He, actually, should not be the one doing business for you. It's fine that you don't know about this business. The lessons are expensive. But, it's very VERY expensive when you DON'T learn your lesson.

Take the keys away from him.

excon

[ProRachel]

Hello Rachel:

When his wife tells him! He, actually, should not be the one doing business for you. It's fine that you don't know about this business. The lessons are expensive. But, it's very VERY expensive when you DON'T learn your lesson.

Take the keys away from him.

excon

Oh if only the world were as perfect and husbands doing what their wives told them to do...

[ScottGem]

Well it depends on what you as landlords want. I would require the deposit due when the lease is signed and the first months rental prior to moving in. It would be better to get them both at signing though.

I hope you did a credit check on the new tenants. I also hope you had your attorney school you on the legal liabilities of being a landlord. You were lucky the "pros" didn't trash the house.

[Cvillecpm]

Hire a professional property manager to handle your investment property. Don't try to do this yourself AGAIN!