Cash is certainly not king here.
I only accept personal cheques, post-dated for the duration of the lease. I have even had people give me 2 years worth at once. The amount of time and hassle saved is priceless. Never had a cheque bounce, but I am confident since all my previous tenants have had credit scores above 720.
Do yourself a favor KaeJS, don't accept anyone that gives you any inkling of concern. Several prominent CMF landlords have already chipped in with their opinions. Borrow from this wealth of experience. In fact, you never see any of them start threads about their rentals, that's because we typically don't run into problems. The worst problem I have had in many years was a tenant that would not replace the O-ring in the kitchen sink faucet. By the time they called and had me there, they easily could have been trouble free. Minor annoyance compared to loud, fighting tenants, and ones that don't respect you enough to call ahead when they will miss an appointment.
Last edited by Sampson; 2012-12-21 at 07:24 PM.
I would never bring people under my roof I couldn't trust, let alone think their cheques would bounce.
Take post dated cheques, keep a paper trail, you are raising all sorts of suspicious by taking cash only.
readers could turn this latest episode from the neverending soap around & view it from the tenant's perspective.
would-be tenant visits premises, meets hostile neophyte landlord who offers no receipt or written documentation or even traceable financial transaction, instead demands a fistful of cash while treating him like 95% scum.
alarmed, tenant makes an excuse in order to gain overnight distance. He has enough brains on the spot to refuse the cash holdup. He might have still been stringing kae along this am, but it seems unlikely that he'll ever return.
can anyone imagine these 2 sharing bathroom & kitchen.
btw is that a legal rooming house ? doesn't seem to have the mandatory fittings like upstairs fire escapes w fireproof doors equipped with crash bar handles & battery-operated red exit lights that most municipalities' fire codes require ...
^lol... humble, that would be a horrible soap... too close to home for some I would guess.
I stand by my thought that most tenants and landlords are good (at least the ones I know)... and them there is the 5% of bad tenants, or landlords, I believe it's karma that the 'scum' find the scumlords, or it's reap what you sow.
I thought that if a house was in a room mate situation, then it doesn't have the same regulations
I'd say that bad tenants and landlords are in the same ratio. The rest are on a spectrum...
Good tenants would not deal with KaejS. Asking for cash is a big red flag. Too lazy to go to the bank... Really?
I was at one of the properties I manage today and collected a year's worth of post dated checks. It's the way to go. I have 3 tenants in that place it's really nice and all the tenants get along.
Tenants are the landlord's customer, and it's not hard to envision why people would do anything to "pay their own mortgage".
I'm a renter and I have to say a landlord would be darn lucky to have my gf and me. Never a bounced cheque, so never a late payment either. We tell our landlords (who are very approachable/ borderline friends) about any issues we have, or any issues they need to know about. We treat our place like it's our house. But we rent because I don't want to be cash poor, as we would be in the current local market.
I would walk if someone asked for cash. It screams sketchy. I want a paper trail to protect myself. A receipt for my damage deposit and receipts or cashed cheques for all our monthly payments. The only thing I don't like about post dated cheques is getting any extras back when you move out. While we were waiting on one cheque they cashed it and it was a pain to get our money back.
Kae, I think you are too smart to be doing things the way you are currently doing them. If anyone else was doing these things you'd be ripping them to shreds. I'm not judging your opinions towards renters because I don't really care about them, but I think you should step back and re-evaluate your gig.
Last edited by jcgd; 2012-12-22 at 03:44 AM.
I think it's the frustration & stress talking here, and/or you're too cynical [as in negative] for your own good; you haven't lived long enough to have this attitude IMO.
Originally Posted by KaeJS
How many people that you know, were able to skip the renting stage in their lives? The fact of the matter is that most people need to save first before they can buy, no? And just because they rent, does not make them perpetual renters/bad people [generally speaking]. And then, there are those that have to sell for all kinds of reasons, as others have already mentioned. Change is the only constant thing in life after all, whether it's convenient or not, and whether we like it or not.
It's more responsible/sensible to rent than buy when you can't afford to buy, period!
As the smart/young 22 year old that you are, you could understand why most young people [and others in between], may at first prefer the flexibility that renting offers. For example, you might have/want to move locations for a potential job; you might not want to start out with a high debt/responsibility; might not like current overpriced markets; unknown costs, etc., etc.
Cheer up and good luck.
My landlord once deposited a stack of post-dated cheques (by 'mistake'). Thankfully I had the cash in my account, but now I only give a couple of months at a time.
You cannot reasonably insist on getting postdated cheques in advance. Banks will clear them before the date, so anyone writing a post dated cheque should assume they will all be immediately deposited.
But, if the bank cashes a cheque that is post dated than you should be able to recoup any fees associated with NSF with no issues.
Certainly you can. This is a relationship built on trust. How much is the unit you are renting worth? and how much potential damage can be done. I make this type of relationship known and clear with any potential tenants, and never have thought about breaking any aspect of the agreement (which would include cashing the whole stack of cheques).
Originally Posted by andrewf