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Would you prepay a year's rent?


Lexy
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A home owner who has what seems to be a good place to rent tells me that "many" Americans prepay a year's rent. He offers a lower rent in return for a year's prepaid rent. I can see the apparent advantage, of course. Still, we've been renters for years and I haven't known of  "many Americans" who do this. I've asked to see a draft of the lease under these circumstances.

I expect many opinions on the issue. I'm willing to sort through them for what sounds like reasonable responses and experiences. The rental market is incredibly tight right now. I must move as landlord wants to put the house up for sale. 

Lexy

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We did it once in PV at a place known as The San Franciscan.  Big mistake and after 2 months we knew it was not the place for us and moved out. The owner really wanted to rent it again but we said no, we'll leave some stuff there for when we don't want to drive back to our new place, but thanks. Within 1 month he had continually raised  his offer to buy us out to the level my wife said let's do it. I was ready to just eat it rather than let him make extra money but fortunately she prevailed. Never again.

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absolutely would never do this.  Friends, hes a mexican, she a gringa even signed a lease and the owner told them to move as he wanted the apartment for his daughter.  You never know what will happen down the road.  I would not do that in the U.S. and certainly not here.  

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We have friends in Ajijic that have done this for years.  They have a written lease drawn up by an attorney.  They pay a much lower rent than they normally would.  That being said I am sure if you decide to go ahead with paying in advance you will do your best to get character references and make sure you have a copy of the deed showing ownership is in the person's name you are paying.  Also, if this is money you can't afford to lose .......

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I have a friend that paid 6 months inclusive rent in advance on a one year lease.  Then because of the water POURING through the roof, mold problems, power turned off for lack of payment and fracc. water turned to a trickle because of no payment of fracc fees for several years, she moved out with 2 months left on the 6 months pre-payment.  A loss of $1600US but she didn't look at it as a loss but a lesson learned.

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Lexy, since it`s not customary as you know (his "many Americans do it" sounds like a falsehood), I think there`s too many ways this could fall apart, too many ways you could be hurt and be left hanging.  Just doesn`t sound right to me.  And, as others have said, you could lose a LOT of money if things are not as they appear or as he says they are.  Do you trust him?

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Agree, ask Spencer, but also ask him how much will it cost you if you get into a legal battle with the landlord, how long will it take and if you win, can/will you get your attorney fees back. Also note, I believe that it's illegal in Mexico to lock out a tenant, turn off utilities, etc. to pressure them. Again, ask Spencer.

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Thank you, all. Your comments back up my thoughts, too. I was growing  wary of this guy, but the house is beautiful and exactly suits all our needs, including location. Prepaying the rent was a choice, I could also pay monthly. But the guy bothers me, I see red flags waving. I'm backing off. But it was so tempting there for a moment.

Lexy

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I have known Americans to do this with no problems. The rent was 450. Usd a month. They go back and forth to the us and always have a place waiting for them. Some things didn’t work. Cheap to fix them. So my friends fixed them. Nice place west end of Ajijic. It worked for them. 

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26 minutes ago, Lexy said:

Thank you, all. Your comments back up my thoughts, too. I was growing  wary of this guy, but the house is beautiful and exactly suits all our needs, including location. Prepaying the rent was a choice, I could also pay monthly. But the guy bothers me, I see red flags waving. I'm backing off. But it was so tempting there for a moment.

Lexy

Here's a thought:  Tell the landlord you'll pay the rent monthly for the first year and if all works out, you may negotiate a better rate the next year.

And another thought:  If you prepay a year and he drops dead after 3 months, what then?

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Even paying monthly, I've reached a point that I don't trust him. Also, he wants--is demanding-- $1700 usd security deposit for an unfurnished house that will be filled with my furniture. Apparently he's worried I'll steal his appliances.  I think you and others and me, too, are right to be wary of prepaying.  And my gut says to part company with this guy.

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Lexy,  you mentioned that the landlord wanted to put this house for sale if you will not act quickly ? Sounds like a pressuring tactic and how about if he will anyway after you move in.......even if you pay him  monthly until he finds a buyer....then you will have to move again. Just a thought.

I am sure your "guts" will tell you what to do.

Good luck .

 

 

 

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39 minutes ago, Lexy said:

Even paying monthly, I've reached a point that I don't trust him. Also, he wants--is demanding-- $1700 usd security deposit for an unfurnished house that will be filled with my furniture. Apparently he's worried I'll steal his appliances.  I think you and others and me, too, are right to be wary of prepaying.  And my gut says to part company with this guy.

A  year in advance, pressure, and a big security deposit TOO?  Adios time.

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We did for 8 years in central Chapala. Best deal we ever made. Agreed to do regular upkeep in exchange for a very low rent on 2 story 3/2 in unfurnished house. Wish we had kept it now. We rented by the month the first year and got to know the woman who owned the house. Without knowing her, we would not have made the offer. Remember, WE made the offer, not her. Therefore, WE had control. Remember that in your future negotiations.

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