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How to Handle Security Deposits

 
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Manage episode 175276651 series 1409445
Content provided by Duke Kinham. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Duke Kinham or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.


If you have an investment property, it’s always a good idea to demand a security deposit from renters before they move in. The purpose of the deposit is so that you have some funds available if damages exceed the repair amounts on the property.

When the tenants move out, we only have 14 days to look at the property and make repairs or refund them the security deposit. If repairs are necessary, we have to give them a written note designating the costs of the repair.
As a rule, the security deposit cannot be used for the last month of rent. You would just be selling yourself short if you allowed a renter to do this.

If you have any further questions, please don’t hesitate to contact me. I look forward to hearing from you!
  continue reading

24 episodes

Artwork
iconShare
 
Manage episode 175276651 series 1409445
Content provided by Duke Kinham. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Duke Kinham or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.


If you have an investment property, it’s always a good idea to demand a security deposit from renters before they move in. The purpose of the deposit is so that you have some funds available if damages exceed the repair amounts on the property.

When the tenants move out, we only have 14 days to look at the property and make repairs or refund them the security deposit. If repairs are necessary, we have to give them a written note designating the costs of the repair.
As a rule, the security deposit cannot be used for the last month of rent. You would just be selling yourself short if you allowed a renter to do this.

If you have any further questions, please don’t hesitate to contact me. I look forward to hearing from you!
  continue reading

24 episodes

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