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Updated over 7 years ago on . Most recent reply
Do you ask for 1st, last and a deposit from a tenant?
I have been lucky with renters over the last 5 years, and have rented to people I know. I am currently going to rent to a stranger, and want to know from BP what is typical to ask for up front? First & last plus a deposit?
Most Popular Reply
John Thedford
#5 Wholesaling Contributor
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
I get first and security but load up on security. An eviction filing and legal costs can eat that up in a heartbeat. I get 1.5 times the monthly rent as a security deposit. Some states have regulations regarding how much may be charged. Also, if you are going to be a landlord, download your state statutes and know them.