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Updated over 5 years ago,
Securing a renter while property is under constuction
Hello BP,
I'm a new real estate investor.
I've got a SFH that is currently still undergoing renovations, scheduled to be completed in the next 8 days. During this construction time, I've been marketing the property with updated pictures as the reno takes place, in an effort to secure a tenant as soon as possible once the reno is complete. Well, the strategy has worked. There is a tenant that has gone through all of the application screening process, toured the house via my approval, and stated that they want to lock themselves in to a lease prior to the construction completion.
My question is, do I simply complete a full lease now? Or do I write up some literature that will allow the tenant to pay their security deposit, take the property off the rental market, and then complete the full lease upon move-in date? Any advice is warranted! Thanks BP!