Hey Mike I hope you & your family are ready for the Holidays
I purchased you Landlord on Auto Pilot course great stuff & have used it on
all my rentals with much success.
not sure how you did this John, but the date is Dec 14, 2014 – i guess it was hung up in cyber space somewhere
Ran across a new renter they are very interested in my new home.He ask if I would consider corporate lease
He said his company would pay for his rent monthly or give him the money to
I looked through your course & did not see anything on how to handle
ANSWER: I have done a boatload of these with companies and especially insurance companies when their victim needs housing from a fire, tree smashing, tornado or whatever.
All you do john, is put the company name as the TENANT, because they are the responsible party, and list the occupants as occupants.
#2 way to do it, is to list occupants as tenants and company as “Co-Signer”
This is a single family rental house for residential use, not a commercial property.
Therefore, use the residential lease.
1. Does the tenant fill out… application and or does his company also fill anapplication? (a lot of parts on the application do not apply to the company)
I would do both, especially if you have never heard of the company. the more the merrier
2. How do you screen both the tenant and or his company?
Great question John, no problem screening the occupants as a rental application,, as far as the company, do some homework on Google, and i would definitely get something in writing about the company being the responsible party doe your occupants.
THIS IS IMPORTANT – odds are you will dealing with a company representative and they will give you their phone number and email address.
– couple of tips, go on Google and get the main office phone number. Call that number and see if they can dig down to your company representative.
– go on google, find the company website and look at the “Contact Us” page. Take a look at the contact email. for example, if the contact us email address is Blah@JohnGier.com, then odds are, your company rep contact email should be email@example.com etc.
Stick to minimun of 6 month rental and YOU control it – if the minimum 6 months ends in November or December, explain it to them about the seasonal market and make them do a month or two longer than 6 month
Get them to pay in advance is also a good way to qualify them
3. Are both on the rental lease contract (tenant & his company)? I’m
assuming yes in case I need to evict the person if he got fired or left his
Your X number day PAY OR Quit Possession Notice, in my state we call it a 7 day letter, not sure of Ohio’s, but it is sent to the specific names of each Tenant AND ALL OCCUPANTS
4. Any watch out or concerns with corporate lease?
I think they were covered a bit in the answers above. Not so much Watch Out, but also seek more than normal rent and also make sure you check out what you can get if you pay all utilities. you might be amazed
– Example – Let’s say your normal rent is $995 monthly.
i highly recommend to NEVER do less than 6 months, even if they want 3 months, they must pay for 6 months
AND ALWAYS Add A PREMIUM RENT For Short Term Rental
if normal rent is $995
perhaps premium rent might be $1,195 x 6 months
5. Do I use the rental contract in your course or modify anything?
my rental agreement is fine provided you have edited the part referencing Ohio’s landlord tenant law – things like Security Deposit, days to enter, late charges, eviction process etc.
I hope this helps John
let me know how it goes, we have two of these right now