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Updated 13 days ago on . Most recent reply

Allison Park's profile image
Allison Park's profile image
Allison Park
  • Member since Jun 15, 2024

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75
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46
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Allison Park's profile image
Allison Park's profile image
Allison Park
  • Member since Jun 15, 2024
Allison Park
46
Votes |
75
Posts
Tenant Screening

Advance Rent Payment Considerations

Allison Park
Posted

I have had a couple applicants with Low credit scores offer advanced rent 6-12 months based on proceeds from sale of a house. What are the considerations for accepting rent in advance. Based on a copilot prompt it cited these items:

1. Taxable in the year recieved

2. Need to update lease for the specific terms

3. Need to hold payment in escrow / trust

Any other practical advice to share?

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