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Updated almost 6 years ago on . Most recent reply
Should I collect first & last Month Rent?
Hello,
I'm bit of a newbie. So, please excuse me for not quite knowledgeable for I'm here to seek advise. I've a couple of rooms to rent in our home on a month-to-month rental lease in S. California. Rent per goes for about $800-$900/mo. Should I collect 1st and last (non-refundable) plus another $300-$500 for security deposit at move-in? I can accept installments for the last month non-refundable rent if the lump-sum is quite high (4 mos rental minimum). Or, should I just collect first month rent upfront ($800) plus equal amount ($800) for security deposit? My concern is if tenant fails to pay rent few months later and I give 3-Day Pay or Quit Notice to problem tenant: can I use the security deposit to pay for the past due rent legally? And if eviction drags out for 2 mos+ thru the sloooooooow court proceedings, I'll be at a loss because I didn't collect 1st and last upfront! Your advise is much appreciated and needed.
Thank you.
TW