House #1 Tenant Update

    When the tenant initially signed the lease last month he was planning on moving in on 8/1/07.   After signing the lease and giving the deposit he called back asking if he could move in earlier.  Since he gave me the deposit as a cashiers check and he and I use the same bank I was able to deposit and have it in my account the next business day.  First month's rent was paid.

    I met him and gave him the keys.  I also gave him a bill for the early move in for 18 days of rent.  The formula I use to pro-rate rental payments is:

• Monthly Rate * 12 = Yearly Rate
• Yearly Rate\365 = Daily Rate
• Daily Rate * number of days = Balance

    Anyway, all went well and since he had paid the first month's rent prior to moving in I told him he had 30 days to pay the partial month.  I was pleasantly surprised when I returned from my CISSP Boot Camp to find a check in the mail.  

    The check was for more than he owed to me.  He called me after I returned to say he lost the paperwork that listed how much I owed him but he believed the check he wrote covered it.  Needless to say he owes me $57.00 less for September's rent as he overpaid for the 18 extra days.

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