People always ask us, ‘Should I allow my tenant to move without paying a deposit?’ I’ll give an answer to that question today.
What’s up, everybody. Matthew Whitaker here with another Questions Owners Ask. And the question is, “Should I Allow My Tenant To Move In Without Paying A Deposit?”
And today’s question is, I have a prospective tenant that’s moving into my home and they can only pay a partial deposit, should I take that partial deposit and first month’s rent and let them move in?
So, this is something I see a lot of people do that manage their own house. This is a mistake I see a lot of people make.
They listen to a story and feel bad for that person and maybe that person is in a bad spot. Generally, it’s not the best business decision for you to not make that person pay the full deposit and pay the full first month’s rent to move in the house.
What generally happens is this person that moves in continues to have financial issues, continues to have financial troubles, and so you need to be prepared for that.
I’m not saying to be a bad person, certainly, if you want to do that and you have plenty of money and you are willing to take that risk, sometimes people do that.
But I don’t take that financial risk for our owners, and I don’t think that you should too unless you just have tons of money and a big heart and wanna do that.
Again the answer is no, I would suggest not taking a partial deposit and allowing somebody to move in your home without paying full first month’s rent and full deposit.
I’m Matthew Whitaker with Questions Owners Ask for gkhouses and I hope this video has been valuable.