Am I allowed to collect prepaid lump sum for 7 months in advance? : ezLandlordForms

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Am I allowed to collect prepaid lump sum for 7 months in advance?

Ross A

started a topic over 3 years ago

Tenant is moving to Florida and does not have a job yet. They need a 7 months lease. They have good credit and background and they'll probably get a job but I want to guarantee rent payments. Can I collect the entire rent up front? Thanks, Ross

2 Comments

Ruben Z

said about 3 years ago

NO!!!!!

John P

said about 3 years ago

In most places, yes, you are. You might need to check local ordinances. The issue is, if they move in and then are real jerks, trashing the place, bothering the neighbors, etc. it will be VERY difficult to evict them. I take double deposit and first and last month's rent. That gives us a cushion while still maintaining control in case they are terrible for some reason. Or put them on a month to month lease, that means they can be asked to leave with 30 days notice.