Investor · USA · Member since 2013 · 86 posts · 17 votes
Hi all, I’m curious how soon after approving an applicant and taking a security deposit you require the tenant to start paying rent? My most recent project sat vacant for 5 weeks after my PM approved an applicant who was unable to move in right away. The minimum time they allow for move-in after taking a security deposit is 2 weeks, which is already a long enough vacancy for me.
Where do you guys draw the line and what should I tell my PM to ensure this doesn’t happen again?
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
8y
@Jordan L., I think 48 hours is sufficient. This should be in writing when accepting the deposit. It should be stated that if they do not come up with first months rent and any other move in money and sign the lease during this time that their deposit is forfeited.
Investor · Louisville, KY · Member since 2017 · 199 posts · 253 votes
8y
I do not take deposits. If you apply and are approved we agree upon a date usually within 48 hours and we sign the lease. The tenant must have the full damage deposit and full rent at the beginning of the lease signing. Any delay and I move on to the next applicant.