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Updated about 9 years ago on . Most recent reply

Horace Ward's profile image
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Horace Ward
  • Investor
  • from Washington, District of Columbia
  • Member since Apr 3, 2016
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Horace Ward's profile image
Horace Ward's profile image
Horace Ward
  • Investor
  • from Washington, District of Columbia
  • Member since Apr 3, 2016
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Horace Ward
  • Investor
  • Washington, DC
1
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4
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Real Estate Deal Analysis & Advice

When to collect the security deposit and 1st months rent

Horace Ward
  • Investor
  • Washington, DC
Posted

Hi, I'm new to this forum and also new to real estate. I'm renting my home to 3 young professionals in Washington, DC. They each signed the lease dated for April 15th with a Saturday, April 16th move in date. When should I collect both the security deposit, which is equal to the monthly rent and 1st months rent?

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Chris Wallace's profile image
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Chris Wallace
  • Lender
  • from Washington, DC
  • Member since Aug 6, 2013
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Chris Wallace
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  • from Washington, DC
  • Member since Aug 6, 2013
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Chris Wallace
  • Lender
  • Washington, DC
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Chris Wallace
  • Lender
  • Washington, DC
Replied

I collect the security deposit and first month rent at lease signing, as this should be no problem for a serious prospect. For your situation as Roger mentioned make sure to collect BEFORE move-in just to make sure the funds clear your bank.

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