So my earnest money deposit of $4500 has gone hard.

He got creative and started using builder deposit agreements.

Ya'll if you are trying to do a deal where you need a lender for an earnest money deposit, you're a tool who's got no business putting somebody's property under contract.

You absolutely need to get copies of all the leases, AND, before closing I definitely suggest you get estoppel agreements signed by the tenants verify their current rent, security deposits, and any other important terms.

If they have stopped paying rent for a BS reason, you ask the court for the tenant to deposit the rent with the court while awaiting trial.

You seem very green, I would highly suggest finding a property management company to do this for your while you learn the ropes and how things work.However, you can also get a copy of "The Book on Managing Rental Properties" by Brandon Turner, and get some really good information.The main one's to consider are:Background check - totally clear, or will you allow certain thingsEviction history - totally clear, or will you allow if no evictions for last xx yearsIncome Requirement - usually 3x the cost of rentCredit History - totally clear, or will you allow certain thingsPets - yes or no, size, type, number of pets allowed, extra pet deposit/feeAgain, I highly suggest a property manager to assist you with this.

He moved in March 14, 2023 so this will be his first payment after initial rent and security deposit were paid by cashier's check.Thanks in advance!

I recognize this is an older forum that’s been revived but Wholesale JV’s…when I learned there were investors being taught how to lend wholesaler deposits I thought I had seen it all but apparently not….

The PM is still responsible for giving you any monies owed from rent and/or security deposits.

To me its worth it for the direct deposit but its soul shattering sometimes.