When to collect security deposit for a rental house

[Karla Simmons]

I have always collected security deposits from new tenants on the day they move in and sign lease. I recently had a new tenant that couldn’t move in for almost 3 weeks after we chose them as our tenant. I charged a $250 non-refundable holding fee that would be applied to the security deposit, but I was starting to feel nervous that tenant might have change of heart and then we would have to start all over searching for a new tenant. As it turned out, everything worked out fine, but it does have me re-thinking things for in the future . Wondering how others are doing it…appreciate any input.