Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on .

User Stats

1
Posts
0
Votes
George Smith
  • Summit, MS
0
Votes |
1
Posts

What to do with Tenant's Deposit Money upon Closing.

George Smith
  • Summit, MS
Posted

I am closing on my second buy and hold rental property next week. The property already has Tenant's in place and their current lease is good through October 2016. My question is how do I handle getting the deposit money from the seller currently into my possession when I close on the house. I already am getting $1750 in closing cost form the seller and the bank I am using for my loan will only allow 3% of purchase price towards closing from the seller. The 3% rule does not allow enough room for the deposit to be included as a credit at closing. Looking to see what some options may be for me to get the deposit money transferred from the seller to me at closing. Thanks in advance.