As soon as we hear a tenant plans to move out, we send them a move-out package - including the move-in inspection report, and tell them specifically what they need to do to get the place back to move-in condition in order to receive their security deposit back.

The tenant never received a second opinion and when they moved out in the beginning of January I replaced the floor and sent the tenant the remaining portion of his security deposit with an itemized bill of work.Here's what I know.1.

What happened was they wanted to invest with me but I had no other property at the time with which to secure their investment.This is a very unusual situation and by no means is the norm for my business.

I am starting my business as a wholesaler, and as it grows, I will do fix & flip, buy and hold, & eventually apartment/commercial buildings.I am all excited about this business, because I meet people from every sphere, also being in my mid 50's, I need to build some residual income, to secure my nest egg for retirement.

He left an executive level corporate job to invest in real estate full time because he didn't have any job security.

When we get an offer, we want to make sure the buyer is qualified before we accept the offer and officially put the property under contract.My question is - what do you ask the buyer to provide?

why can't I collect the security deposit and 1st month rent to complete rehab?

We required pre-approval and $1000.00 earnest to secure it.

Some landlords collect last month's rent instead of a security deposit, assuming they weren't collecting both.

You will also not be able to qualify for any type of mortgage or finance to buy a regular single family either.My best advice to you would be to work, get a secured credit card ASAP (or two or three) to build your credit as I did (currently 3 years in with a 780 score) and get a multifamily (2-4 units) and get an FHA loan.