Investor · Brooklyn, NY · Member since 2014 · 231 posts · 12 votes
Dear BP community,
A tenant whom I have selected for my property in Philly, now (two days before the lease signing day) tells me she doesn't really have enough cash to give me the two-month security deposit, as we agreed. She only has enough cash for one month but she was approved to receive the additional needed cash from an organization. the organization needs the signed lease and a utility bill on her name, once they have that, they will wire the money within 48 hours..
My main questions for you are:
How can I verify her claim ( that she was actually approved)?
How can I verify that it actually will take 48 hours and not 48 weeks?
Tell her to come back when she has the money. Until you have cash in hand you never turn over keys to a tenant.
It sounds like you are going to get taken for a ride. She has told you this last minute since she never had the money from the beginning. Once she has the keys you will likely never see another penny. Too late for you by that point.