First rental- self managed

[James York]

I am moving from selling my spec homes to keeping them. I am ready to lease the first one, but am struggling with the first month's rent. Let's say rent is $1000/month due on first and security deposit is $1000. Lease is going to start 9/15 so I need to collect that prorated rent. Do I collect $1000 rent and $1000 deposit on 15th and then pro-rated rent on 10/1 or to I collect prorated rent ($500) and deposit on 15th with $1000 due 10/1? I realize perdiem may not make it exactly these numbers, just using simple numbers to understand. THANKS!!!

[Kathy Henley]

Hi @James York. The tenant will pay first month's rent + security deposit when the lease is signed. When a lease begins in the middle of the month, it is the second month's rent that is pro-rated. You will tell the tenant the amount that will be due for the second month's rent. It will be due on the first of the month, as per the lease.