When a property is purchased, do you need a special government-approved form to convert tenant’s deposits into a non-refundable move-in fee?

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Scott Paton:

When a property is purchased, do you need a special government approved form to convert tenants deposits into a non-refundable move-in fee?

Lou Brown:

When a property is purchased, do you need a special government approved form to convert tenants deposits? So, what you do here is that you would actually have a conversation with the resident that you’ve just taken on. So in other words, when you purchase a property that already has a resident in place, then they already have a legal right to be there. Now, there may be a written agreement. There may not be a written agreement, but just buying a property does not eliminate that relationship with that resident. In other words, buy the property along with the resident that lives there. So what can happen is an offer, where you sit down with the resident and you talk about your program and why your program may be an improvement over the current relationship they had with the old landlord that you’ve now taken over.

What I suggest of course is our Certified Affordable Housing Provider. And you become a Certified Affordable Housing Provider, and now you offer them the opportunity to someday have Home Ownership. And that’s a very powerful thing. When people join us we give them our book it’s called, Never Pay Rent Again, The Path To Home Ownership. And this is something to help guide people in their process of actually purchasing a property. And one of the things that we do, is we establish a relationship with our residents to give them up to three years to buy. And then every month that they pay on time, they earn a credit towards their down payment. So we’re helping them to build up that down payment every month that they do what they’re supposed to do and what they agree to do, which is pay the payment on time. They earn that on-time credit towards their purchase of the home. So, it gives you a real opportunity to create a different kind of relationship with that tenant than just a landlord tenant relationship.

Scott Paton:

This question actually is really good timing because I was talking to a friend of mine who owns, forty rentals and he’s moving out of rentals. But, he was telling me that he bought a place and he wanted to get rid of the tenants. And the tenants had not done anything in terms of not paying or anything. They were all up to date and they actually went to court and the judge said, we’re not kicking anybody out of anywhere for. The judge said, till September, we’ll see if it actually starts in September or not. So, you have to work with the people that are there. And you’re pretty much not going to be able to get rid of them if there’s a problem.

Lou Brown:

If they have a year’s agreement, if they in place, maybe they have a, year’s rental agreement in place. And maybe only six months of that is used up at the time that you purchased the property. You have to honor that other six months before you can change that agreement at all. So, it’s only by agreement with that resident that you’re able to change that agreement.