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Forums » Rental Property Questions & Landlording Issues » When do you collect the deposit and 1st month rent?

When do you collect the deposit and 1st month rent? Subscribe to When do you collect the deposit and 1st month rent?

7 posts by 7 users

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A W


Forum_avatar_avatar-sbbi

Mar 29 '11, 10:14 PM

Hi,

I wonder when you collect the deposit and 1st month rent? Right after the lease is signed? or only before the rent is started?

what do you normally do?

Thanks.


Marc Faulkner

Note Investor · Kalamazoo, Michigan


Forum_avatar_avatar-notebuyers

Pro Basic

Mar 29 '11, 10:36 PM

I like to get the deposit as soon as I get the rental application, or am in verbal agreement with the potential renter. At first this can just be a small, refundable deposit (like $100) so the potential renter can secure the deal pending the approval of the application. This commits the potential tenant to the property and will make sure they end the shopping right then and there. Collect all the rest of the money due, and first months payment, on the day the sign the lease or at least prior to them moving in.


George P.

Real Estate Investor · Baltimore, Maryland


Forum_avatar_avatar-sniper

Mar 29 '11, 10:44 PM

it was recently answered here -->
http://www.biggerpockets.com/forums/52/topics/61222-when-to-collect-the-deposit-and-first-months-rent


Kyle Meyers

Residential Landlord · Indianapolis, Indiana


Forum_avatar_avatar-kyle930

Mar 30 '11, 01:13 AM

I collect the deposit when we sign the lease and the first months rent when they move in.


Tom C

Real Estate Investor · Ohio


No_avatar_forum_avatar

Mar 30 '11, 01:23 AM

Small deposit due to hold when completing the application.
Security deposit and first months rent due when we sign the lease agreement. They get the keys when I have verified all utilities have been turned over in their name and when lease starts.


Michael Rossi

Real Estate Investor · Ohio


Forum_avatar_avatar-mikeoh

Mar 30 '11, 09:07 AM

Full deposit IN CASH if they want me to hold the rental (pending application, pending receipt of rent, etc). Full deposit and full rent IN CASH before we sign the lease and before they get the keys. If the dollar keeps falling apart, I might change that and only except gold or pre-1965 silver coins (half kidding).


Chad Pierce

Real Estate Investor · Columbus, Ohio


Forum_avatar_avatar-chadp

Apr 03 '11, 01:30 PM

I collect it when we meet to sign the lease. I always ask for it in cash, money order or certified bank check.

Edited: 04/03/2011 at 01:36PM by Chad Pierce




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