2 Pitfalls To Collecting Rent Up Front!

[James Andrews]

Currently, I wait for funds to clear for a property I manage from a Tenant I screened and selected to rent my 1st property in Phoenix, AZ. 

My client management skills transfer from another industry, but I admit I am “newish” to knowing what pitfalls that I have exposed myself to in the current transaction.

1st - I negotiated with the Tenant to pay their entire 1year lease up front. (These are the funds I am waiting to clear). I’m sure there are potential pitfalls that I need to be aware of because of this. Would love to get some feedback on what they could be and how I should protect myself going forward.

2. I’ve listened to about 20 Bigger Pockets Podcasts now and realize that I probably have an opportunity to leverage this money somehow that I received upfront and it would probably be a waste if I didn’t. Any suggestions there would help too. Trying not to squander this potential opportunity. 

Thanks!