2. We charge a $25 application fee to do the background check. I can usually do the criminal background check for free on the computer.
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3. We charge a $50 late fee for anyone paying the rent after the due date but before the 3 day eviction notice has expired. That usually good for an extra $100 or so each month.
Yes, I read about those options. I think California allows for the insurance option. At least I run across it quite a few times searching for an apartment. However, the landlords weren charging anything close to resembling a reasonable monthly fee. They were looking for $50 a month and up. Any renter with even the most basic math skills can see this isn really a good deal. I also think this is going to become the standard for high risk tenants that typically don have money on hand for deposits, with the better tenants paying standard security deposits.
1. We charge extra for pets. I typically charge $25 extra per month for a cat or small dog and $50 per month for a medium size dog or multiple pets. In addition, we charge $100 to $200 extra for the security deposit.
I was wondering if anybody has any out of the box ideas for creating a little extra cash flow out of your rentals. For example, the apartment i just leased was a one year deal (only did it because I don know the area well enought o buy just yet) and they gave us an option to break the lease for an upfront charge of $400.
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allow tenants to customize rental prior to move in; 52" flat screen TV = $39/month, additional ceiling fan $5/month, new paint color = $79/month. if they check out fine, then give option to pay $100 fee instead of the security deposit. You still retain rights to collect for damages and they lower their move in cost.
Again, not very creative, but it a little extra.
So, while the laws read that way (no fee, just a deposit), there are large companies in every state managing properties using the fee to help tenants with good credit backgrounds, which suggests that Air Max 90 Safari Pack case law would support this kind of fee.
Interestingly, in Texas you have to refund the application fee if you don rent to them. I have to check on California laws regarding this. There is no shortage of landlords here that think it is perfectly acceptable to collect money for application fees when they have no intention of renting to the applicants, which is illegal (illegal to take and charge application fees if you Nike Air Max 90 Sale Women's
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have no intention to rent).
As the law is written currently, it would appear true. But, case law and what really happening in the market place suggest differently. In addition, several states are changing this very element of the law.
I ask for a copy of my report, which I have a right to do in California. This pretty much tells me if they are attempting to collect money, or if they are seriously considering me as an applicant. The clowns trying to make money off of application fees refuse to give me a report, so I don bother applying with them. It just tells me their mindset is of a nature that can be a potential problem down the road. play wth the " float" on the money
application fee, I didn go as far as looking through legal codes, but the State of Alaska landlord tenant guide states out of pocket expenses are probably lawful. I would interpret that as making money off of application fees as being illegal.
Any ideas would be appreciated. I know the previous idea probably seems very basic but, i just came out of a back woods town in Alaska and I have a lot of catching up to do as far as learning these creative ways to produce cash flow.
California has pending legislation right now to allow surety bonds in lieu of a security deposit, which is essentially an insurance fee protecting the full amount of the deposit instead of charging the larger deposit amount. Rents are increasing and move in costs are quite high, urging lawmakers to allow reasonable alternatives. It remains to be seen in the final written version of that law whether the surety deposit must be issued by a licensed insurance company of if an individual (or PM company) can provide one themselves.
What the written law is meant to protect is having landlords charge an amount equivalent to a full security deposit up front and then not reimbursing it when a tenant moves out, essentially screwing them out of their deposit. I not a lawyer. This is an issue I follow closely because it benefits all parties involved and is a logical solution.
Amazingly, there is very little literature or centralized resources for answering your question. Contemplating a new book deal.
But as it is now, non refundable fees are illegal in most areas, and after this type of deposit is sorted out, I would guess the same thing will very much apply, such as laws prohibiting landlords from charging tenants $50 a month for insurance when their real cost is $25 (no charging more than the actual cost).
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