Collecting rent

[Osmirelly Kidwell]

Hi Guys,

I bought my first rental property on the 23rd and already have a tenant from out of state. They already passed the smartmove screening with A+, paid deposit and applications fees. My question is, when should I collect the first month of rent? They are moving Feb 10th. Should the rent be paid in advance or should I wait until the end of the month to collect for 18 days? Please help

[Kyle J.]

Originally posted by @Vanessa Brown:

We all agree on this. I'll add that it doesn't have to be far in advance. You have the deposit to secure their interest. You can get the 18 days of money on the day they move in if that's more comfortable for you but do not give them a key and let them begin occupancy without paying you.

While you could do this, the preferred way to handle a partial first month is to collect a full month's rent up front and then pro-rate the second month's payment (in this case for 18 days).