Has anyone heard of paying one year upfront for rent in cash a scam?

Question

The person stated he would pay 1,600/month up front one year with cash. Home is nice w/pool. Seems skeptical. Something to worry about?

My thought were something along the lines if someone lived in a home for a certain amount of time its declared theirs. just an idea how it can be a scamp\ what are your thoughts?

Answer 1

How about thinking like this?
Our office did this a number of times. It wasn’t a scam. The properties and the leases for those properties were 100% legitimate.

AA] This was 1983 to 1984: At one property, a truck driver and his sister were interested in a 14 month lease. The rent was $750 per month [quite a lot of money back then]. “Walt” insisted on paying the entire 14 months PLUS the security deposit and other deposits - in cash - a total of $12,000+.

His reasoning: A] Due to the fact most of the time he was on the road, he didn‘t want to worry about writing and mailing that monthly rent check.
B] He didn‘t want his sister to worry about whether or not the rent was paid.

On the day we were to sign the lease, he came in with 120 $100 bills PLUS the money for the per day rent charge.

They lived in that home almost two [2] years - without a hitch or any problem We STILL went to inspect the property on a regular basis.

He sent the proper termination notice and every penny of his security deposits and other deposits were returned. Due to the fact we had a legal, binding lease signed by all the parties, there wasn‘t any scam.

BB] 1991 through 1996: We had a property near a college campus. A notice was put on a bulletin board near the college’s sports complex. Within a week or so, I received a phone call from the college’s baseball team coach. He wanted his better players to room together. The coach told us a friend of the baseball team would pay 2/3 of each team member’s room. The player had to put up the remaining 1/3. As far as the financial part of the lease was concerned, there wasn’t any problem at any time with any of the players.

At the beginning of the lease [yes, the lease dates varied & the young men were told the lease term included renting the property twelve [12] months ] each new tenant paid 1/3 of the entire lease term - in advance - up front which also included the security deposit and other deposits.

We had a meeting and arrived at an agreement. One of the stipulations in our agreement was every baseball team member was put on notice and notified - by inserting a special clause in the lease - the property was not to be considered as a “frat house” or a place where the young men could have their girlfriends come and stay on a regular basis. The young men were told ALL the neighbors would be given our phone number. In the event there was a disturbance, the neighbors would call our office and let us know what was going on. We would take care of the situation from there.

For the great majority of the time, this worked well for everyone. When a player graduated or transferred colleges, the coach appointed the next player who would automatically fill the vacating player’s spot. Simply because the coach made the selection did not mean that player automatically got to room with his teammates. Each succeeding player would be thoroughly investigated - in the same manner as any other prospective tenant for any of our other properties.

In the 5+ years this “housing experiment” was in progress, we had only one incident where it was necessary for me to travel to speak with the gentlemen who were living in that property. On a regular basis, I STILL went inspected the property

Thank you for asking your question. You did a great job - not only for your information, but for every other person interested in reading a sensible, qualified answer - my answer.

TYVM!

I wish you well!

VTY,
Ron B.

Answer 2

If it some some weasel that tells you he is coming from the UK or some other country. Usually using the notion that they are just graduating or they are a professor, or a model. The scam is that they send you a "cheque" or some other form of payment and you refund the over payment for the moving costs.

these are always scams and they always require that you refund some amount of money.

On the other hand I have had perfectly normal transactions with people who just pay for the whole year in advance. Very uncommon and very suspicious.

Most likely a scam! If it is truly cash and not a check or M.O. then just ask them to go to the Police Department and get a copy of their Police Report for you.

Answer 3

If he pays you up front IN CASH, go for it. Make sure that you have a lease, yadda yadda.

A tenant could live there for decades and would never gain title to the property.

Hmmm... Some good points below about drug activity. Be suspicious! Get a background check and run a police check as well.

Answer 4

heard paying year upfront rent cash scam

Answer 5

Yes. Only accept cash and make sure you have a contract that both of you sign. As long as this person isn't a terrorist or something it should be fine. I would want to know why he is offering to pay upfront. Do a background check and application process. Check out the book How to be invisible....there should be a chapter about this.....Is the renter's name Brian, LOL?

Answer 6

That much cash up front would make me more worried that the house might be used for drugs, especially cooking meth which will make a house uninhabitable forever. Besides that, the police would destroy a drug house to get to the dealers. And could even seize it under some circumstances.

That much cash, offered so easily, would make me very suspicious.

Answer 7

It probably isn't a scam; just don't deliver the keys until the payment is unconditionally credited at the bank. But it is cause for concern; most law-abiding citizens don't have that kind of money, and it could be a setup for a drug haven. A careful background check is essential.

Answer 8

Have a lawyer drop a lease agreement and that won't happen.

Answer 9

wow...tell me you aren't really going for this....