Year in Advance Rent...Thoughts?

[Eric S.]

I have a property that is coming available. One of the potential renters is offering to pay the whole year's rent in advance in addition to the security deposit. Does anyone see any issues in doing this?  The property is a higher end rental that is very desirable and the potential renter works for one of the very large corporations in the area.  My research on the guy seems to bode well for him being a good renter for a year long lease. 

[Michael Hayworth]

Run the background checks you would run anyway. Oftentimes, payment in advance is an offer from people who have horrible credit, are hiding assets somehow, or have other significant issues. Don't let the quick money blind you. If they damage your home, or won't leave after a year, you'll wish you had checked them out.

Also, in many states, you legally have to escrow that money and only draw down from it as the rent would normally be due.