Does this sound familiar?
You think that you have found the right tenant. You take a $100 deposit to hold the
apartment for a week. The tenant shows up with a truckload of belongings and says
"I'm sorry, but I won't get my security deposit back from my old landlord until next
week. I'll pay you then. All I have right now is the first week's rent. That's OK, isn't
it?" After asking yourself "Why does this happen to me?" You hand over the keys.
Sound familiar? There is a better way.
1. Require most or all of the security deposit with the application.
2. Upon approval, require the entire security deposit and the first week or first
3. Label the money paid as a "non-refundable deposit to hold the apartment" until
move-in day and then use it as the security deposit. This will protect you if the
tenant changes his mind.
4. Require a non-refundable application fee of $10 -$30 to pay for your cost of
obtaining credit and eviction reports.
5. Go to their bank and cash the check as soon as possible (if the applicant pays by
6. Adhere to these guidelines -and you will eliminate problems on move-in day.