5 ms·
> But many landlords are just normal people with other jobs, where being a landlord is not a job to them, but an opportunity to earn money by renting. That's n
by vinnic 3y ago
> But many landlords are just normal people with other jobs, where being a landlord is not a job to them, but an opportunity to earn money by renting.
That's no excuse for not returning a tenant's security deposit though.
- detourdog 3y agoThe regulations on security deposit in Massachusetts has led me to not use security deposits. I also don’t use a lease. A tenant can come and go from month to month. I only require first and last months rent.
- analog31 3y agoAre you concerned about squatters rights?
- detourdog 3y agoFundamentally I would like to be able to trust the people I'm dealing with where a contract isn't needed and it all works out. I don't have a lot of faith in a contract really satisfying any of my needs. I feel a contract with its specifics and each sides personal interpretation can distract from disputer resolution. Squatters are my biggest fear. I feel it is a justified fear. I also am happy to offer anyone a lease that requests one. I don't want to mindlessly use one. Live and learn they say:)
- analog31 3y agoI appreciate the sentiment, but your tenants might have rights that you don't know about. These may vary depending on your locale, and may include restrictions on evictions of tenants who don't have written leases.
- detourdog 3y agoI give my tenants this as part of the move in documentation. https://www.mass.gov/guides/the-attorney-generals-guide-to-landlord-and-tenant-rights https://www.mass.gov/guides/the-attorney-generals-guide-to-l... This was the document I used to shape my thinking and since I have more than 5 units (8 units total) I'm inspected by my town officials every 2 years to assure the livability. I see the whole relationship as reciprocal and hope to avoid evictions. I do no credit checks and I do my own internet research. I place a lot of value on the personal interactions and so far I have had good fortune.
- zx8080 3y ago> first and last months rent. Just to be sure. Is this a smart name for what others call a 'deposit'?
- astura 3y agoSeems that way to me. I looked this up and Massachusetts is actually extremely strange that they count "last months rent" separate from "security deposit." In my state any money required to be collected past the first month's rent is legally considered a security deposit and required to be treated as one and subject to legal limits on security deposits. Which makes sense. It's logical not to bother with the requirements of an extra security deposit if you can go ahead and collect two months rent up front without calling the extra a deposit. In my state the standard is also to collect two months rent up front - because the standard security deposit is a month's rent.
- robryk 3y agoIt seems to me that the semantics are different: you return the security deposit ~at handover time, while last month's rent is counted as rent for the last month of the stay, so the tenant "gets it back" (in the form of not having to pay rent they'd otherwise have to pay) a month before they move out. Do I misunderstand something?
- rtpg 3y agoI thought the depsosit is for building damage, not for rent?
- astura 3y agoThe deposit is to cover any costs the tenant cause the landlord. Damage and unpaid rent are both costs. A tenant who has $1,000 in upaid rent and $0 is damage is no different than a tenant who has $1,000 in damage and no unpaid rent. The security deposit can be used to cover either.
- detourdog 3y agoI think of it as 2 months rent I now hold. Whatever happens next I have that going for me.
- deleted 3y ago[deleted]
- hahajk 3y agoI would never move into a home without a lease. A lease protects a tenant as much as the landlord. What's preventing you from raising the rent arbitrarily or canceling the agreement with little to no notice?
- detourdog 3y agoNothing. What holds a tenant to un-affordable/desirable apartment. I would offer a lease. So far no tenant has requested a lease. I'm not going to force someone into a contract beyond a handshake. I will see how this works out.