Wondering if anyone has gotten into this situation before.

I've had many many people asking about an apartment, but of course few who look worth the risk. Perhaps I've been excessive in my vetting, but so be it.

Its been HARD PICKINGS to say the least.

I finally now have an older couple who put a Security Deposit down, but won't have first month's rent until the 3rd of October, their move-in date. This is because the woman gets a disability benefit. We have however, gotten rave reviews for the husband, who has a home fixit man business. Which is surprising.

Really surprising, actually. So thinking about taking a gamble on them. This is after one applicant after another has fallen through.

However... how to do this? If we simply hold the apartment for them and then they bail on the 3rd and don't show, we're burned. That's 9 days the place sat vacant we could be interviewing. But if I write up a lease and get them to sign it now so they're bound, that's giving them possession without first month's rent.

Does this make sense?

Bear in mind its been murder finding a good tenant.

We'd all like the perfect tenant, but I've got to bend somewhere or I'm going to go bankrupt waiting. And as my father says, "Its not like you're in prime real estate. Most places don't put people through what you're doing. You're lucky in that neighborhood if you're not renting to criminals....."

Did you read Sid's post elsewhere on a hold fee? Try that.

Did you accept their money as a "security deposit" instead of a hold fee? You should have done it differently, saying it was a hold fee that would be converted to a deposit if they sign the lease and move in.

I'd keep interviewing but be honest with potentials and tell them you have some pending applicants in front of them.

Also, why do you have to give them the keys when you sign the lease? Sign the lease with a move-in date in the future, and state that keys will not be given until they pay first month's rent. Add any legal clauses to the lease that you can to clean this issue up.

Stop listening to your father about tenant screening. Listen closely to the people on this forum.

Don’t take your house off the market until you have signed lease and have collected all fees due.

I would not lease to uncollectable disability tenants.

"So thinking about taking a gamble on them"

Do you want to go ahead and write a post about how bad your tenants are now or wait until this goes south?

[[[[[...... Perhaps I've been excessive in my vetting, but so be it.......]]]]

When I have a unit empty and a good candidate and they are waiting on their check on the third I...

1. Take the deposit and prorate the rent until the third. No leasing signing. It is a Hold Agreement.

2. If they don't show up to sign the lease on the 3rd, I keep the deposit and I have the rent for the time we waited.

3. On occasion, I have returned 50% of the deposit. It depends on the situation.