Security Deposit

[REGirl]

I have read both of Don`s books. I would like to thank Don and the team for their encouragment and information we needed to purchase our first investment property. I enjoy visiting this site and reading the posts-we are very fortunate to have access to real estate experts through this site.

We are looking for our very first tenant. A prospective tenant appeared very interested; but asked if she could pay the damage deposit over a two or three month period. How would a sophisticated investor handle this request?

 

[PaulPoulsen]

QUOTE (REGirl @ Oct 15 2007, 08:25 AM)
A prospective tenant appeared very interested; but asked if she could pay the damage deposit over a two or three month period. How would a sophisticated investor handle this request?




My concern would be that if she's having a hard time paying her bills before she even moves in, what's going to happen once she's your tenant? If this happened to me here in Edmonton, I'd simply turn her down.



When you're looking for your first renter, it's tempting to take the first person that seems kinda, sorta OK just so that you can have the property occupied. However, it's been my experience that you're better off toughing it out for a month and finding a tenant you really feel confident about. A little short-term pain for long-term peace-of-mind, if you will.

 

[REGirl]

Thank you Paul. I will continue my search.