When to collect the security deposit and 1st months rent

[Horace Ward]

Hi, I'm new to this forum and also new to real estate. I'm renting my home to 3 young professionals in Washington, DC. They each signed the lease dated for April 15th with a Saturday, April 16th move in date. When should I collect both the security deposit, which is equal to the monthly rent and 1st months rent?

[Chris Wallace]

I collect the security deposit and first month rent at lease signing, as this should be no problem for a serious prospect. For your situation as Roger mentioned make sure to collect BEFORE move-in just to make sure the funds clear your bank.