Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

40
Posts
6
Votes
Kosh Vokter
6
Votes |
40
Posts

initial security deposit - bank transfer or other methods

Kosh Vokter
Posted

How do you normally get the initial security deposit from a tenant? Getting ready to have tenants sign the lease in WA, is it okay to ask them to do a bank transfer before giving the keys after the lease is signed or is it advisable to get it in a different form - check or money order?

Does the security deposit have to be held in a separate bank account? 

Most Popular Reply

User Stats

28,238
Posts
41,447
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
41,447
Votes |
28,238
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
I require the deposit and first rent payment be paid in full and with certified funds (money order, cashiers check). After they occupy, I'll also accept personal checks and ACH.

This is non-negotiable for a deposit. Fir the first rent payment, I will accept any firm if payment IF the funds process prior to occupancy. If someone pays with a check, they can't move in until the check clears. 
  • Nathan Gesner
business profile image
The DIY Landlord Book
4.7 stars
191 Reviews

Loading replies...