Should I forfeit my security deposit?

[da r entertainment]

If the new spot is a better & more profitable opportunity I would eat the $225 deposit personally.

 

[jewseejay]

the difference in monthly payments would pay for the deposit in 2 months... no brainer

 

[airthompson]

You'll lose $225 but you'd gain your money back on the cheaper rent, and less gas.

I'd pull the trigger OP.

 

[mangudai954]

Originally Posted by JewSeeJay

no brainer

Sounds like a.


What I will say though is still look around in case it doesn't work out(gives it to someone else) you'd be surprised how shady some of those people can be.

 

[mmg]

Where you renting a buisness location for 350 a month with utilities ? You gotta live in the boonies

 

[myselfonline]

You can pretty much make back the security deposit you lose with the amount you save in rent in two months. But would the month to month lease be a problem? Doesn't this mean that the rent can be raised at any time, and the owner has a right to not lease it to you anymore sometime down the line? Maybe some of the NTers with a law/legall background can chime in here, is it possible to get a verbal agreement from the owner to have a fixed rent and a more firm lease period even though it is a month the month lease?

 

[mangudai954]

Heed what I said fam that literally happened to my bro not even a week ago.

 

[frostythepoptart]

you say no brainer but if the tenants decide to stay for whatever reason.

or dude no longer wants to offer you the place.... because from what i can tell nothing sounds concrete.

%+# at giving them their lease+ time to find a new place.

maybe i seem like coldhearted but if you know your lease is up its either renew or get a new place.

 

[natrix916]

Eat it and go for the 2nd spot.
Like everyone said, ull make up for that lost $ in 2 months rent and the parking is much better than the first spot.

 

[squatch]

You also have to consider which space will be better for business. Location location location. I know you mentioned parking is better which is a plus, but consider other aspects of your business as well.

 

[limitz]

Originally Posted by myselfonline

You can pretty much make back the security deposit you lose with the amount you save in rent in two months. But would the month to month lease be a problem? Doesn't this mean that the rent can be raised at any time, and the owner has a right to not lease it to you anymore sometime down the line? Maybe some of the NTers with a law/legall background can chime in here, is it possible to get a verbal agreement from the owner to have a fixed rent and a more firm lease period even though it is a month the month lease?

^This is the best response in this thread. OP needs to consider how long he wants to be in this space (or any space for that matter). A month-to-month lease is a double edged sword. Sure, OP has an easy out if business doesn't do well; but he also runs the risk of losing the spot altogether within a few months should the landlord decide to end the month-to-month lease term. If I were OP, I would seek at least a 12 month lease, which should give you enough time to evaluate the viability of the business. If it works out after about 10 months time, then that would be a good time to renegotiate with the landlord to extend; if not, then it's easy to cut bait at the end. Btw, what kind of business is this OP?

 

[crystalmethod]

Go for the new one. Dont loose dollars chasing pennies.

 

[triple homicide]

Heed what I said fam that literally happened to my bro not even a week ago.

you say no brainer but if the tenants decide to stay for whatever reason.


or dude no longer wants to offer you the place.... because from what i can tell nothing sounds concrete.


%+# at giving them their lease+ time to find a new place.


maybe i seem like coldhearted but if you know your lease is up its either renew or get a new place.

Broker called yesterday and said tenant paid her deliquencies in full. He cant evict now.

Definitely took heed.