When to collect security deposit?

Question

Sorry for a newbie question. I am very excited about the first approved application. When should I collect the security deposit? Should it be before signing the contract or after signing. Please advise.

Thanks,

Andy

Thanks,

Andy

Christine Kankowski · Answer

Hi Andy, Since you did say you were a beginner, I'll just offer a few helpful hints.  Take photos of everything in the home prior to handing over to tenant- every light switch, every baseboard, drawers inand out, etc  So that when they move out, there is no debate as to the condition it was left to them.

Be clear in the lease of who is responsible for what- pest control, gardening, repairs, etc.

Have a clear lease breakage policy listed so they know if they want to leave early what they will need to pay.

change locks between each tenant for your liability protection

require renter's insurance.

Best of luck and we are here if you need us. HouseMatchCA property mgmt.

Andy Chen · Answer

@Zachary Ray Yep. I am documenting the process and building the system now. I really enjoy the journey. :)

Zachary Ray · Answer

@Andy Chen , Don't worry as we all must learn the system and how it works as a landlord. It can seem overwhelming at times but stay positive and soon you will get the hang of it. If you can do it once you will be able to do it to 100's of houses as the process doesn't change too much.

Andy Chen · Answer

@Christine Kankowski thank you. That is very helpful. I probably can do a video full walk through or the entire house. I also have digital lock so I can switch the code easily.

Andy Chen · Answer

I cannot delete the post. I have found the answer on google. Thanks