All Forum Posts by: Nadir M.

@Nadir M. never let them move in until the money hits your account in the future. I would talk to a local attorney here to seek help.

Everyone has given you very sound advice here.  As you have learned, you need to tighten up your processes ASAP.  Meantime, mitigate the damage that has been done.

I am reading you are going there to get a cashier's check from her.  Conveniently, it's a long holiday weekend so you will not actually know if that check is good until Tuesday at the very earliest.

I know this will be inconvenient for both you and tenant, but I would change the locks (if she has not already taken possession) and HOLD any move-in until those funds are guaranteed.  That means, WALK THE CASHIERS CHECK IN TO THE BANK FROM WHICH IT WAS ISSUED AND GET CASH.  If you deposit the "cashier's check" into your account and it turns out to be fake, you may not know for weeks and will have lost more time and money.  If the cashier's check is legit, she would have had to get it from a local branch near your property, so get your antennae up and BS detector if it's from "out of town."

Do not compound your problems here by "hoping for the best" and getting a piece of paper from her this weekend and assuming all is well.  She has already failed to follow through with several onboarding tasks you have asked of her.  This is the time where tenants are on their best behavior, so you are seeing that now.  She is either incompetent or a crook.  Do not delay finding out the answer to this question by treading lightly this weekend.  Stick to your processes.  Do not make exceptions because of her in-person presentation.  I now we all fancy ourselves to have positive personal relationships with our tenants, but when it comes down it this is still a business.

Good Luck!

There is a reason they call it a Security Deposit.

My Brokerage has a strict Cashiers checks ALWAYS rule with security deposit(s) and first months rent. Ask them kindly to stop the move-in process until you have a cashiers check.

If they make over 100K, they have the funds and can easily provide you with the cashiers check by tomorrow. 

Bummer we are going into a Holiday weekend where some banks are not only closed Monday July 4th but some branches are already closed on Saturdays. 

I'll be thinking good thoughts for you, that this all gets worked out by tomorrow.

@Matt Bishop  I don't know what kind of account you have at bank of america but those I believe would be ACH transfers. Wire transfers are charged on my account at Bank of America.  I know because I had to teach one of my tenants the difference between sending a wire transfer and ACH at the time wire transfer was a $30 charge.    

@Nadir M. my application includes the bank they use.  Typically I can tell them what ACH  zelle, popmoney they can use to transfer funds based on what their bank uses. I know some people favor something like cozy but I try to make it as easy as possible for people to pay me (short of venmo which I won't use).  

@Nadir M., only accept a direct bank wire to your dedicated rental property bank account, not, checks, zelle or any other intermediary for all recipients from the tenants. Wire transfers are not subject to NSF or retraction. If you want to protect your account numbers, set up one bank account solely for rent deposit and each month, transfer the balance to your operating account.

About midnight on each last day of the months, I get multiple text messages from my bank notifying me of receipt of wire transfers from my tenants. Bank of America does not charge me for this service.

@Nadir M. NEVER NEVER NEVER USE A THIRD PART SERVICER TO COLLECT SECURITY DEPOSIT AND 1ST MONTHS RENT BEFORE MOVE IN.I always use Cashiers check or money order for the security deposit,pet deposit and 1st months rent NO EXCUSE,Period.If tenant cannot do that well i am moving away.Until the security deposit clears in my bank account i donot hand over the keys how frustrated the tenant is.Another key thing ,the more pushy the tenant is in getting the place the more shady the tenant is and i will always double think @ that point.