Myth #1 I'll Show You The Money

I find there are a few Myths people believe when trying to secure a good tenant for their rental properties.

Myth #1- “I’ll show you the Money”. A big, HUGE red light should go off in your brain when a possible tenant starts saying to you, “I can pay 6 months upfront”. This usually means that they do not want you to dig too deep because there is something super scary in their past. Just because they have 6 months or more of rent upfront does not make them a good tenant! This is a “flash in the Pan” approach and you will more than likely kick yourself later.

Let me share the real truths behind this tactic of paying upfront…..

1. Now that you have accepted his/her rent, it makes it more difficult to get the tenant out of the property if they are causing noise issues or HOA violations, etc.

2. I have also found that a “show you the money” tactic is short lived. Once the 6 months is used up and it is time to pay month 7 there usually is a problem with getting the rent paid on time causing you to be a RENT chaser rather than a rent collector.

Keep your umbrella open, cause when you allow a possible tenant to shower you with cash up front, there will certainly be some other things falling on you as well and I don’t mean the “good” stuff.