Tenant only has half the deposit amount

[Jonathan M.]

I just closed on my first rental this past Wednesday. The rental is an out of state property located in Kansas City, MO.

I have property management and they have a prospective tenant. The problem is that the tenant does not have the full deposit amount of $600. They only have half and they want to pay the other half later.

In my mind that seemed like a red flag so I told the property manager to hold off and keep showing the house unless the prospective tenant has the full deposit amount plus first months rent.

Did I do the right thing?

[Elizabeth Colegrove]

That's exactly what I recommend. I would go a step farther and really evaluate if you want a property management company that is advocating for you to take less security deposit. Your security deposit is the only thing that protects you and gives the tenant skin in the game.