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Updated over 4 years ago, 06/10/2020

Carter McLachlan's profile image
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Carter McLachlan
  • Rental Property Investor
  • from Toronto, ON
  • Member since Feb 8, 2019
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Carter McLachlan's profile image
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Carter McLachlan
  • Rental Property Investor
  • from Toronto, ON
  • Member since Feb 8, 2019
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Carter McLachlan
  • Rental Property Investor
  • Toronto, ON
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General Landlording & Rental Properties

Collecting first and last

Carter McLachlan
  • Rental Property Investor
  • Toronto, ON
Posted

Tenants move in August 1, Can I collect first and last now? Canada Ontario?

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Joe Splitrock
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ModeratorReplied
Originally posted by @Carter McLachlan:

Tenants move in August 1, Can I collect first and last now? Canada Ontario?

 Welcome to BiggerPockets! Generally speaking I do not collect rent that far ahead of move in. Within 24 hours of application approval, I collect deposit to hold which may or may not be equal to full months rent. Then we collect deposit. We do not require first months rent until right before move-in. We hand them keys after they pay first months rent. 

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    Roy Cleeves
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    • from Kitchener, Ontario
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    Roy Cleeves
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    Roy Cleeves
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    Roy Cleeves
    • Residential Real Estate Broker
    • Kitchener, Ontario
    Replied

    Yes you can collect now.  We do that for the properties that we manage and for our own as well. 

    It is totally legal. 

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