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Re: Thoughts on First, Last and Security Deposit - Landlord Forum thread 344603

Re: Thoughts on First, Last and Security Deposit by MrDan (GA) on April 23, 2016 @17:17

                              
Collecting first month's rent, last month's rent and a security deposit is something from the old days of property management.

The only thing achieved by collecting last month’s rent is you bind yourself and restrict what you can do, and it doesn’t really get you anything. It's better to collect a larger deposit that can be applied to any potential damages rather than last months rent. To the tenant, it doesn’t matter, they’re still paying the same dollar amount up front either way.

The other side is if you require such a large deposit up front, you are restricting your pool of tenants.

Either way, the problem really lies in the way you are screening your applicants. A bad or lousy tenant should never make it pass your screening requirements.



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