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I've had nothing but problems in the past with Tenants being super friendly and easy to work with upfront...and once their foot was in the door, the problems started. Now I have a new situation and hope someone can help me with this. My prospective Tenants want to give me three months rent upfront at move in. I have read that this is a no no but can't seem to find a reason as to why I shouldn't accept the rent. I feel almost certain that this is a ploy on the Tenants behalf but don't know what it is. Anyone know what's up with this?
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I have had experience with this. Once I had a tenant who wanted to pay me for a year up front. I kept asking them why and they just kept saying that they preferred it this way. When I told them I was going to conduct a credit check, they got upset and didn't understand why if I was getting all the rent up front. It is hard to turn down someone waving a full years rent in front of you. I finally got their approval for a credit check and the credit was aweful and yes, there were past evictions. Needless to say I turned them down. I did so because, a year is nice but if I have to spend a ton of money to remove them at the end of the year, I end up losing anyway. Better to have a tenant who pays regularly each month. For me, when people who want to pay that much up front, it becomes a BIG red flag.
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