New tenant paid rent but not sec. deposit

[Derek Bueckert]

Created a suite in my primary and just received my first ever rent payment. One day late, but paid. I had a daily fee listed for late rent, but no late clause for a security deposit. She said she should be able to pay it next month. I said verbally that we could probably work something out (no specifics).

Any advice?

My plan for a first step is sending a rent receipt showing both a late rent fee of one day and the outstanding security deposit amount owing.

I was just happy to get someone i screened to sign and move in, but what is best practice for security deposits in the future?

[Nathan Gesner]

Quote from @Derek Bueckert:

Oh, boy. You are going to have a hard time as an investor if you don't educate yourself, set some standards, and enforce those standards.

Once I approve the application, I require payment of the security deposit in full within 24 hours. If they fail to pay, I offer the rental to the next approved applicant. I will not hold a property off the market for someone that is unwilling to put money down.

Before I hand them the keys, everything must be paid in full and all requirements must be met. This means they must show proof that utility accounts are established, they must have the lease agreement signed by all adult occupants, they must pay all amounts due, etc. I do not accept payment plans for security deposits and I do not adjust my due dates or wave late fees for rent.

Your tenant just moved in and you have already told her that every rule listed in your lease agreement is negotiable. She clearly cannot afford to rent your unit and she is going to play you like a fiddle for the rest of this lease if you don't get it under control.