All Forum Posts by: Walt Dockery

How am I left off any worse than if a tenant who didn't prepay breaks the lease and leaves after 2 months?

That's interesting, and is something I'll ask my RE attorney about.  Regardless of what happens with this applicant, understanding how prepaid rent is treated in FL is worth knowing.  If it's something they can turn around and demand back after moving in, yeah, pass.

Well, I certainly am not desperate, and don't think asking the question here or generally a willingness to consider cash up front as a sign of desperation.  Credit scores exist to serve a purpose, and if someone can pay cash for something that purpose is mostly moot, IMHO.

Is it a waste of my time?  Maybe, since this is a learning process for me I'm ok w/ that to some degree.  Rest assured I have not spent a whole lot of time on this one applicant, and continue to market the property.

From what I read online, FL allows prepayment but does require it be held in the security deposit account.  I don't have a problem with that.

Thanks for the replies

@Thomas S. no this is not my only applicant, but most of the other applications have hair on them in one way or another.  I.e. people who need to sell a house, a woman going through divorce who's alimony isn't finalized and old house needs to sell, two people with great jobs and income but who can't front the move-in expenses (which raises red flags ... if move in expenses are a problem sounds to me the person is living paycheck to paycheck which even w/ good credit means they are one job loss away from disaster), couple people who say they want it but don't want to move in for a couple months etc.  

He does not have a job here, says he is an investor w/ businesses in his home country.  

I live in FL, will check w/ my RE attorney monday about how an up front prepayment is treated.  

He does have references who live here, not sure if any will co-sign for him, or how comfortable I even am w/ a co-signer.  

I guess my question is, does 6 mos cash up front negate the other issues?  Someone can have no job and no credit and be a multimillionaire.  To Thomas S point, I would like to make sure he isn't a drug dealer.  He has sent a copy of criminal background check from his home country saying no records of criminal history found ... not sure how much weight that carries.

I am showing my first rental property to rent.  I had a family come by that seems like they would be a good fit, they are interested, filled out an app and are ready to move in soon - only problem is they recently moved here from out of the country.    So they told me they have basically no credit history here.  They indicated they have assets however, and the husband indicated he could, say, pay 6 mos rent up front.  Would be a 12-month lease.  I have not run credit/backrgound yet but will shortly via mysmartmove, they told me about the lack of credit history up front.

Am I missing something, i.e. am I crazy to consider to rent to this tenant given their ability to pay several months up front?  I have had the opposite problem with many other applicants, i.e. people who claim high income on the application but can't front move-in costs of first month, last month, and security deposit.  I am big on the idea of financial independence and generally hold the belief that assets trump income and potentially lack of credit.

As part of the check process, should I ask to see bank statements or a proof of funds letter from a bank, in addition to the smartmove check?