Initial Rent & Deposit?
Hi all,
I just purchased a property in Gloucester City; its a duplex with one unit rented, and another vacant. I've been trying to get tenants in with not much luck so far, and I had one prospective tenant say that my deposit requirements may be illegal.
The rent is $950 per month, and the security deposit is $1,250. I was telling folks that the initial deposit is first month's rent, last month's rent, and security deposit - a total of $3,150. This particular prospect indicated that I could only charge first month's rent and security.
I scoured the web and forums to see if there is anything preventing me charging first and last, but I don't see it. I'm concerned about being burned on that last month, which is why I want to charge it.
Would love some input from our local investors, and if anyone has a lawyer they want to recommend, I'm all ears as well! Was going to use the Rocket Lawyer landlord document for NJ and add an addendum for rules.