Should I let tenant move in 2 weeks early without security deposit ?

Investor · Aberdeen, NC · Member since 2015 · 5 posts · 0 votes

I have a possible tenant who would like to move in two weeks prior to August 1st and only pay a prorated until the first. The tenants would like to pay the first months rent and the first month security on August 1st, but would like to move into our home July 15th. Not sure what we should do? He also wants to put in an above ground pool.

He also said he wants to move his family out where they live because their Landlord keeps going in their house when they are not home.

Any input would be greatly appriciated, thank you. :)

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Travis Lloyd

Real Estate Broker · Fairfield, CT · Member since 2015 · 312 posts · 231 votes

11y

Can I live in your house? I PROMISE I will give you money next year!

No. The security deposit serves two purposes. It protects you in case of damage or if the tenant skips out, but it also is there to help you screen out people that may have a problem paying rent despite their best intentions. If they cannot put together 1 month's security, do you really want to risk that they will have enough august 1? I also don't believe in waiting for "my other security deposit to be returned". That is never a good sign.

Side note: pool? Seems like you should have an extra deposit for something like that. Also check with your property insurance provider, as there may be an additional insurance expense for you. Perhaps you could get an additional pool deposit plus charge higher rent to offset the insurance?

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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
11y
Past experience has taught me that if they have just enough money to pay for 2 weeks and that is it then likely have stiffed the current landlord ( which is why they don't like them! lol : ) ...... )
They are looking for a nicer landlord ( sucker ) to run the scam on again. They will say anything to get into another unit (place) and then get ready for the nightmare to begin.
These days there are no stories accepted and if they do not pass screening standards they don't get in.
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Jeanie H.
Investor · Arroyo Grande, CA · Member since 2015 · 37 posts · 10 votes
11y
I definitely agree with everyone else. I'm new to this game and even I can see all of the red flags waving around everywhere. Back when I was a renter, I would pay my rent a few days early and was never late once. When I moved out, the owner of the apartment building called me personally to say that if I ever moved back to that city, she would find a place for me. I would think that this is the type of tenant relationship you want in your unit.
This guy is trying to break the rules before ever moving in. Always get a deposit and first month's rent up front. There is really no excuse for someone who handles their money appropriately not to be able to provide that. As someone else mentioned, you could always pro-rate the second month. As for the pool, check with your insurance company and then maybe you can have a stipulation of the pool can only be 36" x 12" (Walmart kiddie pool style). And, they have to sign off on being responsible for anything that happens related to that pool plus provide you with an additional deposit. I don't know about your area but some places can get to be over 100 degrees in the summer, so I can understand the desire to have just a small pool for the kids to get wet in and cool off.
But honestly, just the conversations and requests from this guy would make me not want to rent to him. He's either going to stiff you on rent at some point or he's going to be a demanding pain. Go with your gut on this one. I bet it's telling you the same thing that everyone else in this post has said!
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Kevin Siedlecki
Investor · Madison, CT · Member since 2014 · 710 posts · 458 votes
11y
I don't think anyone will benefit from another heartfelt "NO" here, but @Mat O'Grady can add some real-world experience to the conversation. Care to share your recent story in this thread?
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Donald Robers
Kenosha, WI · Member since 2015 · 89 posts · 81 votes
11y
So, reading between the lines I gather the BP community thinks the tenant's proposal is
a bad idea?
Seriously, all the other red flags aside, if the tenant were to put in an above-ground pool
you would eventually have to re-sod (or at least re-seed) the footprint left in your lawn.
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Mat O'Grady
Investor · North Stonington, CT · Member since 2014 · 393 posts · 228 votes
11y
I am with everyone else. That would be a no.
Thanks for the reminder @Kevin Siedlecki.
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Mark Brogan
Investor · Roanoke, VA · Member since 2012 · 1k+ posts · 374 votes
11y
no way
No thanks
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Randy Landman
Investor · Lake Saint Louis, MO · Member since 2015 · 84 posts · 39 votes
11y
Your going to regret this tenant. Find someone else if you haven't already signed.
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Stephen S.
Wholesaler · Holiday, FL · Member since 2013 · 571 posts · 221 votes
11y
No.

Originally posted by @Renita Kerr:

I have a possible tenant who would like to move in two weeks prior to August 1st and only pay a prorated until the first. The tenants would like to pay the first months rent and the first month security on August 1st, but would like to move into our home July 15th. Not sure what we should do? He also wants to put in an above ground pool.
He also said he wants to move his family out where they live because their Landlord keeps going in their house when they are not home.
Any input would be greatly appriciated, thank you. :)
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
11y
Absolutely the only thing this tenant will be good for is the winning story for "My Worst Tenant" at the landlord meetup in a few years, when you have been far enough away from it to have perspective and get a good laugh.
As people, we WANT to believe others, and we want to help them out. This will be an all one-sided relationship with you doing all the giving, and them doing all the taking. I hope you haven't signed anything with them yet. If you have, look for legal ways to remove yourself from the contract. If you have not, keep looking even if you have a vacancy for a month. Far better to lose one month's rent, than to lose multiple months due to eviction and repairs.
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Barry Herbst
Real Estate Professional · New York City, NY · Member since 2015 · 55 posts · 14 votes
11y
Hi,
You should always accept a security deposit and first month's rent due at lease signing, both payable only by bank certified check. The security deposit is your defense insurance in case the tenants leave the property damaged, don't pay rent, break their lease early, or don't move out.
Best,
Barry Herbst
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Mary B.
Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
11y
Originally posted by @Renita Kerr:

I have a possible tenant who would like to move in two weeks prior to August 1st and only pay a prorated until the first. The tenants would like to pay the first months rent and the first month security on August 1st, but would like to move into our home July 15th. Not sure what we should do? He also wants to put in an above ground pool.
He also said he wants to move his family out where they live because their Landlord keeps going in their house when they are not home.
Any input would be greatly appriciated, thank you. :)
Its certainly unanimous that the tenant is trying to pull a fast one and the answer is a hard no for the costly amenity addition. Which btw would call for the rent to be increased substantially if it were added on, if you think about it. However, I must seriously state that the fact you even pandered this leaves me to believe that you are the dream landlady for every tenant(if there was ever such a thing) worldwide. Your extreme leniency is way too kind and it may lead to trouble down the line if not curbed soon...
Kudos,
Mary
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Shad G.
Investor · New York , NY · Member since 2014 · 8 posts · 4 votes
11y
It all sounds very bad and it is. Being assertive in any business setting is a gift that will definitely define your success or failure. This pictures looks very bad from so many different angles, including their perception of you. For the love of sanity, please don't do it. Being reactive is expensive and a sure way of going out of business
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Erin K.
Professional · Loudonville, OH · Member since 2015 · 125 posts · 37 votes
11y
Our insurance company won't cover a pool at our rentals so be careful.
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Account Closed
Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes
11y
I often wonder if these are trick questions. Move in now, pay later? Install pool without regard to insurance policy, landscaping/fencing or liability? Must leave asap because landlord is harassing us?
Anybody who complains about a previous landlord in their application phase is not someone you want to do business with. You're next on the shite list. The landord that didn't understand why we don't have the whole deposit even though it's Sept. and won't let us have a pool. Run!
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Lucero Sanchez
Contractor · Queen Creek, AZ · Member since 2014 · 155 posts · 37 votes
11y
No!!
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Lucero Sanchez
Contractor · Queen Creek, AZ · Member since 2014 · 155 posts · 37 votes
11y
Don't run your business with your heart always with your head. ") So NO is the answer. Good luck.
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Frank D.
Real Estate Investor · Toronto, Ontario · Member since 2014 · 58 posts · 21 votes
11y
No Way!!!!!
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Zana Blue
Investor · Saint Augustine, FL · Member since 2014 · 35 posts · 7 votes
11y
No ! Can you go to the clerk of the court site and see if the potential tenant already has an eviction filed...I am amazed at the number of people who apply when there is already an eviction in progress !
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Bill Tyler
Investor · Arlington, TX · Member since 2015 · 104 posts · 47 votes
11y
Definitely NO! And DO NOT let them put in an above ground pool either (unless it's one of the $20 plastic ones from Walmart). That can leave YOU open for a lot of liability if someone gets injured or drowns.
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Chris Stanley
Investor · Airdrie , Alberta · Member since 2015 · 5 posts · 1 vote
11y
The consensus is no and I have to agree. Get the full months rent and security deposit before they get a key.
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Philip Tun
Professional · Chino, CA · Member since 2015 · 36 posts · 6 votes
11y
I would agree with everyone else. The security deposit protects you from damages and skipped rent. If you are lenient to them once, they can see right through you and will take advantage of you. Tenants are no fools, a good amount of bad tenants know how to play the game and know how to pro long evictions. Just becareful
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Sergio Garcia
Real Estate Broker · Deland, FL · Member since 2014 · 83 posts · 24 votes
11y
As everyone has said NO. Do your background screening and full deposit and 1st month rent (cash or cashier check) upfront prior to the tenant moving in.
Everyone has a story...have them leave it at the door.
No exceptions. It's a business...Run it as a business.
Good Luck.
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Kevin C.
Investor · McKinney, TX · Member since 2009 · 405 posts · 160 votes
11y
Absolutely not!
I made that mistake with the first tenant I put into one of our rentals, accepted partial deposit and allowed them to pay the rest the following month.
I did get the deposit, along with a tenant that had in fact been evicted from prior home. That eviction did not show up until after she was in our rental. She turned out to be a nightmare, things started out OK, then went bad pretty fast. In the end, I had to evict as well, and once I got the home back, it was trashed. That was a several thousand dollar mistake that I will not make again.
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Brian Tremaine
Investor · San Jose, CA · Member since 2015 · 66 posts · 17 votes
11y
Another no!!! I learned by experiences many years ago. They can end up staying 2-3mo rent free before you evict.
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