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.
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 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.
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?
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.
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??
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 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.
@@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.
![What's The Best Way for Tenants to Pay Rent to the Landlord? [#AskBP 098]](http://i.ytimg.com/vi/rhdHZkERmpk/mqdefault.jpg)
![What's The Best Way for Tenants to Pay Rent to the Landlord? [#AskBP 098]](/img/tr.png)
Some landlords will not return security deposits. They consider it as free money.
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.
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.
How come every time I rented I got my deposit back ?
@@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.
@@RetrieverTrainingAlone nope
@@caseyporter499cause you didn't rent with a big company obviously
I just a video that in FL landlords can require a new security deposit when the tenant renews a lease each year 😮
Thx bunches !! Answered lotsa my questions for my soon 2b MTR !!
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?
Depending on the state, in PA, it’s a government regulated, interest bearing account
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.
Thank you good video
In a money order, or cashiers check
This video was just a bunch of fluff and did not answer the question most of us came for
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??
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.
Don’t you hate when someone makes a video like this & then they donm’t even bother to answer?
@@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.
@@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.
It is illegal to charge a deposit or rent for a dog or cat.
Not in Ohio
Useless video.