Advanced payment for entire lease - Landlord Forum thread 360112

Advanced payment for entire lease by Sunny on January 3, 2020 @14:34

There was a T who said he had a bad credit but had money to pay upfront for the entire lease. I'm not sure if this is a legal thing to do in FL. Any ideas or suggestions to accept this kind of deal?

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Re: Advanced payment for entire lease by lpadave on January 4, 2020 @07:33	[ Reply ]

Bad credit and bk's are a good general indication of how a person runs their life and their word being their bond ( or not) Many LLs are lured into the carrot of taking a years rent in cash up front. You'll probably never get into that property again till the end of the lease, the tenant will never call to to complain or respond to your calls. That may well be the last and only money you will ever see from that tenant. People will a chunk of cash in hand or under their mattress but no creditor banking are generally a bit shady,...at best. It is legal for you to do. This is a warm body in your currently vacant apartment. I would pass and look elsewhere

Re: Advanced payment for entire lease by Daniel (CA) on January 5, 2020 @12:19	[ Reply ]

if its legal is the question, in California, you can only get a maximum of 6 months when the lease is 6 months or more prepay . so this is the breakdown in California $1000 rent $2000 security deposit for unfurnished $2500 security deposit for unfurnished with a waterbed $3000 security deposit for furnished $3500 security deposit for furnished with a waterbed $6000 rent prepay > most landlords do not know this < (it is illegal to accept $12,000 for prepay or rent)

Re: Advanced payment for entire lease by SUNNY666 on January 5, 2020 @20:01	[ Reply ]

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Re: Advanced payment for entire lease by LM on January 15, 2020 @13:52	[ Reply ]

Not a problem. Tell the tenant to put it in a separate account, then have it debited to your account or draw from it monthly. I have never understood why somebody wants to pay all upfront when they have the cash on hand. If they balk at this then move on. Give me a reason why you wouldnt want to do it like this?

Re: Advanced payment for entire lease