You may also want to consider opening a prepaid credit card account.

As I read the statute, I do not interpret pre-paid rent (ie last month's rent) to be the same as a security deposit. 

Systems which use prepaid cards or member cards/codes are better for the landlord (less incentive for theft), but are even more costly - unless your building is sufficiently large, the costs may not be justified.  

In OKC you can get cash flowing deals on 60k properties.. so you're looking at 12k down and 5k in closing costs and prepaids.

Please DM me if this holds any interest for you and I can give you the name of the Broker agent who can provide you with his opinion as to whether or not you have VA credits coming to you and if your Credit Union is passing them on to you or if they are keeping the credit a secret and worse yet, keeping the credit for themselves.HI Barry,That is true, we operate as a broker and we have set comp plans with each lender that we can only change once every quarter so if there is excess credit in the market we're obligated to not only disclose it you as a borrower but also give you all of the excess credit.If I was a banker or a correspondent lender and I had excess credit I would not have to disclose to you that I had 4.00 pts of credit behind the rate, of which if you had gone to a broker you may have received 1-2 to points of that money you could use to offset your other closing costs, prepaid taxes/insurance/interest,etc.VA IRRRL or interest rate reduction refinance loans are some of the best because they have a refunded funding fee of only .50% or exempt if you're an exempt Vet.Thanks for pointing out the above as Im sure it will help Paul on his decision process.

@Andrea ColeMy daughter, married in January, was on her way to her fully pre-paid European Honeymoon yesterday.

Closing costs should be around 3k + prepaids.

It is a portfolio loan not Fannie/Freddie backed.The property is not owner occupied.Obviously other costs apply: attorney, title insurance, prepaids etc.I have perfect credit and the property cash flows with debt.Does anyone know any lender who can do better than 4.25%?

@Bob Willis not closed yet, but disclosures show $2333 origination costs ($238 points, $1500 origination fee, $595 processing)$725 appraisal, $9 flood cert, $66 tax service$1125 for closing protection letter, endorsement fee, title insurance, settlement $95 recording $391 prepaids$961 initial escrowTotal closing costs $5705

Pre-paid rents are coming in with a few warnings from residents about being late.