All Forum Posts by: Pete Schiebel

Thank you @Marylyn Patankar and @Chris Grenzig, very helpful!

Hi BP community! I feel so late to the party, but also so thankful to have found Bigger Pockets while my wife and I were presented with a big (to us) multifamily opportunity a few months ago. We were able to learn so much so quickly thanks to the podcasts and now I'm excitedly getting to know the forums. I'm looking forward to being a part of the community.

> With a double deposit, you have $2,000 on reserve and they are more likely to want that money back

Thanks @Nathan Gesner, that makes more sense to me.

Thanks for the advice all. @Theresa Harris, that's a good point that tenants might not have had to pay their previous landlord for last months' rent. I hadn't considered that.

@Nathan Gesner what is the benefit of the double deposit rather than collecting last month's rent + a single deposit? Let's use $1000 as the monthly rent amount and the deposit amount. Whether I collect First/Last/Deposit or First/Deposit (x2), the tenant is putting $3000 into it to start, with $2000 to keep them in line. 

Hello, newbie landlord question here: Is it common to require first month's rent, last month's rent, and a security deposit for new tenants? I'm aware that Florida doesn't have hard limits on what is required up front, but I'm curious what others do. I'd consider our building a Class B. I mention that because I realize that requiring that much up front my limit my tenant pool.