They are vetting the renter and gathering a bit of insurance.
Exactly, but it certainly doesn't mean that because the renter came up
with the money for first, last and security that he's going to pay on
time each month.
It is one of the easiest ways to get someone who can pay. As to paying on
time, you make the penalty hurt for being late. That way they only do it
once. You charge them a small amount and they will be late a lot of the
time.
I guess you've never been the victim, I have after going to great
lengths, credit check, employment check, references, first last security
deposit... They pay three months worth, takes you a minimum of six
months to get them out AFTER you start proceedings, so they live for 8
months on three months rent, then move on.
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