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Updated over 9 years ago on . Most recent reply

User Stats

224
Posts
50
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Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
50
Votes |
224
Posts

Best way to get pro-rated rents & deposits?

Ryan Moore
  • Rental Property Investor
  • Phoenix, AZ
Posted

When purchasing a rental property that is currently rented, what is the best way to make sure you get your pro-rated rents and deposits?  I thought it was something done in escrow but according to my lender, there was a regulation change back in October and that is no longer the case.  He said that those items are now interpreted as kick backs and that is not allowed on a loan.  

I'm closing on my first multifamily tomorrow and I'm waiting on the seller to send to me the rents, and for their PM to send my PM the deposits.  I just feel uneasy about having to rely on these people to send me items after the property has been transferred and closed.

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