Updated over 8 years ago on . Most recent reply
Applicant wants to pay 1 yr upfront to secure
I posted a 2 bed 2 bath duplex on sat and have had over 20 applicants (should have rented for more) but I have an applicant who wants to pay 1yr lease all up front. Sounds like a no brained but almost too good to be true. Wanted to get some thoughts and see if anyone else has done this? Pitfalls? She said she has owned for the past 17 years and just moved here and plans to buy after her yr is up.
Most Popular Reply
NO,, simply don't do it, it messes up your taxes at year end and if for some reason she breaks the lease you have to refund the pre-paid rent.. if she is your top applicant just let her pay what is required.. otherwise don't and move to the best applicant. You have to keep the money in a savings account like escrow so you can't pre spend it.. it's not a win and your not a bank