Tenant Security Deposits: What Every Landlord Should Know

Рет қаралды 12,684

Күн бұрын

Here is what every landlord should know when it comes to security deposits: You just got your first property and are ready to put in your first tenant. As landlords, we need to ensure our tenants treat our properties properly so future tenants can enjoy the units as well. One of the best ways to do this? Security deposits! Lauren and Kyle talk about tenant security deposits, including how much to collect, how to collect them, and the reason landlords use security deposits.
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The Landlord’s Guide to Rental Property Security Deposits:
www.biggerpockets.com/blog/re...
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5 Ways to Deal With a Tenant Owing You More Than Their Deposit Will Cover:
www.biggerpockets.com/blog/te...
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00:00 Intro
00:30 Security Deposits 101
02:03 How a Security Deposit Should Be Paid
02:50 How Much is Enough
03:49 Security Deposit Law

Пікірлер: 25

@roberthall6161 Жыл бұрын

Some landlords will not return security deposits. They consider it as free money.

@jimmyday9536 Жыл бұрын

As seasoned landlords, we never ever make the deposit the same as the rent because tenants will simply use it for last months rent, even though the lease clearly states they cannot do this.

@Lidu12004 Жыл бұрын

I just a video that in FL landlords can require a new security deposit when the tenant renews a lease each year 😮

@RetrieverTrainingAlone 2 жыл бұрын

From a tenant perspective, problem is landlord will not return security deposit but is in a different state than rental, so small claims judgement does not help when the landlord ignores it...a bank sweep does not help with landlord in different state, a lien on the property does not help if the landlord is not selling for years. Tenant never gets the security deposit.

@caseyporter499 2 жыл бұрын

How come every time I rented I got my deposit back ?

@RetrieverTrainingAlone Жыл бұрын

@@caseyporter499 Did you leave the state? Some landlords keep the security deposit as the renter leaving the state would have to travel back to small claims court which would cost time and money.

@caseyporter499 Жыл бұрын

@@RetrieverTrainingAlone nope

@ykonratev 11 ай бұрын

@@caseyporter499cause you didn't rent with a big company obviously

@shaimesh1 Жыл бұрын

Thx bunches !! Answered lotsa my questions for my soon 2b MTR !!

@Afgboi2 3 жыл бұрын

Thank you good video

@hearthealthyhustlebyjonath7414 2 жыл бұрын

In a money order, or cashiers check

@manny6020 2 жыл бұрын

I heard the security deposit needs to be stored in a Landlord-Tenant account. Is that the name of an actual bank account or is an interest bearing savings/money market account sufficient?

@kevina3372 2 жыл бұрын

Depending on the state, in PA, it’s a government regulated, interest bearing account

@dangeroreilly2028 5 ай бұрын

In Ohio, if the sec dep is greater than a month's rent, then it must be in interest bearing account after they've been there 6 months. I always charge sec dep of $5 less than a month's rent to keep it simple.

@Dezmond_Roman 2 жыл бұрын

This video was just a bunch of fluff and did not answer the question most of us came for

@ms.rubyj.4259 Жыл бұрын

I'm just curious - what was the question you all came for? They told us up front what we were going to learn, they taught us, then they told us what we learned. I thought they did an excellent job! What did I miss??

@CP-ok1gv 3 жыл бұрын

Hi guys, I’m buying my first duplex. Both sides have pets but one side has a very strong cat pee smell and the carpet is damaged. Can the security deposit be used towards fixing that or not? P.s. I’m moving into that side.

@chrischamberlain7628 3 жыл бұрын

Don’t you hate when someone makes a video like this & then they donm’t even bother to answer?

@CP-ok1gv 3 жыл бұрын

@@chrischamberlain7628 can’t take it personal. Already bought the house. Going to make sure I go through the correct process to keep the deposit. If carpet wasn’t ripped/damaged and smell wasn’t so pungent, we would just clean it. But that’s not an option. Also confirmed with the seller this was not (and how could it have been) the condition it was leased in.

@socketyellow3 2 жыл бұрын

@@CP-ok1gv carpet isn’t that good for a rental. The best is Vinyl, unlike carpet you don’t need to replace it every time you get a new tenant and cheap. Vinyl is also typically half the price, so cheaper and last longer.