Just found a tenant and signed a lease, but he says he can't make payments until he receives his deposit back from his current lease.
He screened well with good landlord and professional references and great income to rent ratio (4.2x rent) due to a large monthly annuity he receives for a lifetime insurance settlement. I verified this with his bank statements which have big deposits and big withdrawals. Credit score 690, a history of good steady payments.
Bottom line - Our lease begins in 5 weeks at $4000 per month. I've always required full payment of both first month's rent and one month's deposit upon lease signing - doesn't everybody? So. Should I stick to my principles and tell him the lease is cancelled unless he pays the $8,000 this week (I can do, that right?) Or should I work with him in this time of COVID and ask instead for a non-refundable holding deposit (how much)? Or ask for the first month now and deposit upon move-in? Something else? I know times are difficult but I want the peace of mind that my tenant is fully committed so I can take it off the market. I am getting a few inquiries a week and don't want to miss the window for renting by September 1.
