Q & A for Thursday, July 9 2009

Q: Rich, why do I have to pay First/Last/Security up front? That is a lot of cash to come up with. Is there any way to get around it? PLEASE HELP!
--MD in Fort Lauderdale

A: MD,

Thanks for being my first Q&A post! You're kicking off a great new section, so bravo! Now, down to business...

First/Last/Security is a pretty standard up front move-in deposit when renting from a private owner. Unlike a mortgage, where your payment actually pays for the past month, your rent payment pays for the future month. So, at the start of your lease, you'll need to pay for the first month right then.

The security deposit is also standard. It basically shows good faith to the owner of the property that you'll be loyal to the terms you negotiated in the lease and not default or move out early. The deposit acts as an insurance policy for them against any damages to the property or extra major and unusual costs that will be incurred in getting it ready for the next tenant. If you fulfill the requirements in the lease, don't default, and keep the place spotless and clean, you'll get this money back at the end of the lease!

The last month's payment is where it gets sticky. Some owners require this, and again it shows good faith and that you'll come through on your end of the lease. Basically, you're pre-paying two months of your rent. That is how I look at it anyway. I understand that it is a lot of cash to come up with though.

Sometimes move-in costs can be negotiated, other times it can't. Certain communities and buildings require F/L/S to sign a lease, and in some cases, another month's rent as a deposit to the building. I've been pretty successful in negotiating creative move-in deposits. Every deal is different, but for the most part, there is some wiggle room to find when it comes to the move-in costs.

As well, MD, most communities require a $100 application fee, but if you let me help you out, I always pay that for my clients.

Hope this helps!

--Rich

AND WE'RE BACK....!

HELLO! I know there has been a major delay in updating this blog, but regardless of that, I'M BACK AND BETTER THAN EVER!

I'm adding some new features such as a Q&A section, Spotlight Properties, Local Information, Tips & Advice and MUCH MUCH MORE! This will be my portal to reaching you, and your portal to reaching me...so with that, ENJOY!

Feel free to email me any questions/comments/concerns/advice that you may have for me!

Thanks for reading and I hope to hear from you soon!

Tuesday's SPOTLIGHT: 101 WELLS IN FEDERAL HILL (BALTIMORE)

I need to run to the office, then to meetings, then to showings, and have a million phone calls to make in between then, so this spotlight post will be short and sweet, but still very informative.

The spotlight today is on 101 WELLS, a great loft building in Baltimore's trendy Federal Hill neighborhood. Built in a converted circa 1895 stamp factory, 101 WELLS features new construction, gourmet kitchens, and exposed beams in the 12 foot high ceilings. Some of the units also feature brick walls and every residence has huge windows with lots of light shining in.

101 WELLS has a fitness center for residents, social rooms, secure access entry, and an included parking space (A BIG PLUS FOR BALTIMORE)! Add a great Federal Hill location, and you have the perfect urban Baltimore residence!

Call me at 561-350-8853 to get more information on 101 WELLS. If you want to know about other buildings in Baltimore, let me know and I can answer any of your questions.

And, this month's $50 Visa gift card incentive can be applied to any Baltimore property.

What a day!

Good evening everyone. I hope your Monday went well! Mine was hectic, filled with phone calls, emails, and showings. Its a good thing that I love this stuff!

Tomorrow I will have some great things to show you, so sit tight and look forward to it!

Sunday SPOTLIGHT: FAIRFIELD GARDENS #997

Happy Sunday everyone! I hope you had a great Valentine's Day and got outside to enjoy the warm weather we've been having!

Today's Spotlight is not on a community, but rather a specific townhome IN a community. The townhome is in Fairfield Gardens, a great community in central Boca (more about that in a minute). The townhome is a 3 bedroom / 2.5 bathroom residence set on two levels, with the large living and dining room, gourmet kitchen with custom granite countertops and breakfast nook on the first floor. There is even a powder room for your guests downstairs! Upstairs you'll find the master suite with large bathroom and balcony, and two other bedrooms each with views of the backyard. There is also a bathroom and two storage closets upstairs.

Off the kitchen there is a small backyard with lush landscaping and a brick paver patio. The rear yard is very secure, with 7.5 feet hight privacy walls, as well as a fence with access to the rear driveway. The backyard also leads to a private 1 car air conditioned garage as well as a private parking space. Speaking of parking, there is plenty of on-street parking in the front of the townhome for your guests, so parking will never be an issue!

Fairfield Gardens is a great community, located in central Boca and steps away from Boca Center, Town Center Mall, and Glades Plaza. It is also a short drive to Downtown Boca, the Beach, and minutes from I-95 and the Turnpike. The community is gated and has a fabulous clubhouse with a pool and social rooms. As well, Fairfield Gardens is new (2006 construction) and has lush, colorful landscaping.

This townhome is currently listed at $1,675 per month. Pets are OK and maintenance is included! Call me now at 561-350-8853 to set up a time to view this magnificent residence. Remember, I am the expert in Luxury Leasing in Boca and can always get you the best deal out there.

And don't forget about the February Incentive! Let me find you your dream home and you'll receive a $50 VISA GIFT CARD!

Happy Saturday

Happy Saturday everyone! It looks like a great day (so far) to be outside in Boca, so go live it up! Head to the beach, the dog park, play tennis or golf, or just go for a walk around your neighborhood. Enjoy the outdoors, what Boca Raton is most famous for!

As for me, I will be at the Allianz golf tournament at Broken Sound.

Enjoy!

Friday's SPOTLIGHT: CAMINO REAL APARTMENTS

This Friday's Spotlight is on the Camino Real Apartments. Newly constructed, this high-rise building of 300 apartments and townhomes is one of Boca's best rental addresses. Every unit is spacious with custom kitchens, large balconies, and great storage space. Every unit also has a great view, whether it be of the lavish courtyard, scenic Boca, or the picturesque blues of the Atlantic.

The Camino Real Apartments features a five level private parking garage, lushly landscaped pool and spa, fully equipped health club, billiard club and social rooms, movie theatre and media center, and a full business center complete with computers, printers, fax machine, and conference facilities. There is even a spacious oceanview Sundeck! Steps away from Boca's exciting downtown area, minutes to FAU, Lynn, and Town Center Mall, this is the perfect community in the perfect location!

I can get you the best deal in the building! Contact me now to see this fabulous community! Rental prices and availability is always changing, so contact me to find out exactly what is available right now!