We have a stick built house in the park that we are renting out, if you start the lease in the middle of the month do you terminate it in the middle of the month or round it off to the end of the month? i.e. starting a lease today 12-12-14, do we end it 12-12-15 or 12-31-15 or 11-31-15?Thanks,Leighnae
There is no restriction to when you want to end it. You can choose 12-11-15 or 12-31-15. Personally would end the lease during the time when we can easily find renters. Say March/April time frame.
I end the lease at the end of the month and it automatically renews each month. Its easier so everyone pays at the sane time. Otherwise you will be collecting rent all month.
Pro rate the rent for the first month and terminate the lease at the end of the last month. Everything you do needs to be set up to make operating your business as simple as possible.
When we start leases mid month- which is almost every lease, we ‘prorate’ the charges for the first month. We count the remaining days in the month, including the date the lease starts, and divide that into the charge. So if rent was $400 / month, and there were 25 days left in the month including the day the lease starts- it goes like this-start with the month- December has 31 daysso 400 / 31 = 12.90 (daily per Diem) 12.90 x 25 = 322.50 (prorated rent)then we write the lease for the term (say 12 months) + the per Diem days. So the term is December 7 through December 31 the following year. Or, you can make your term month to month, starting on December 7, renewing on January 1, stating there are 25 days of prorated term for the month of December. Of note- some states require certain lease terms be offered to a tenant. Know your state laws on renting.
Leighnae, we do all Month-To-Month Leases.Month-To-Month Leases allows us to have more control by removing any Tenants who do not abide by our Mobile Home Park Rules and Regulations.If they move in during the month, we just prorate the Rent. We calculate the per day amount and then multiply that amount times the number of days that they will be living there for that month.In all reality the majority of our Tenants are not going to abide by the length of a term of a lease (nor give 30 days written notice). If the Tenant wants to move, they will move. We have found that it is easier to have them sign a Move Out Agreement and get the Keys back then to go through the whole eviction process. If they are already moved out, the eviction process just stops you from making repairs and then renting that Mobile Home for approximately 1 1/2 months.Now I understand that there are some MHP Owners that go after Delinquent Rent from a Tenant that is gone. I am curious how successful this process is? To me it is like getting blood from a turnip.Now we are all about the Eviction Process if the Tenant decides not to pay but to continue living in our MHP. We will go through the whole process and have the Tenant escorted out (if need be).Please note that Jim is correct that some states require you to offer Tenants certain lease terms.We wish you the very best!
I have gone through the process of taking tenants to small claims court to collect rent. Some will pay to avoid the process, some have their wages garnished and others have come back to pay years later to clear their credit. I file not only to collect but also to send a message to all tenants that I consider non payment as a criminal act I do not tolerate. The concern over tenants skipping is greatly increased when the park owns and rents the home. In this situation the potential for skipping is greater as well as the amount of money they owe. It is very rare that a tenant owning the home will skip as the park owner can block the sale of the home until the rent owing is paid.The only time I have had to take a home owner to court to collect was when their home was destroyed by fire. They paid prior to the court date.