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Updated about 4 years ago on . Most recent reply

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Zoabe Hafeez
  • Investor
  • Houston, TX
4
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14
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How much is your security deposit?

Zoabe Hafeez
  • Investor
  • Houston, TX
Posted

If you're charging $1500-ish/month for a single family home, is it reasonable to ask equivalent of two months ($3000) for the security deposit?  

I'm finally at that stage of landlord where I'm committed to better rehabs and getting higher quality tenants. My previous tenants would do so much damage at move out, they'd wipe a good portion of the gains I would have gotten. 

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Kar Sun
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Replied

I am in southeast USA. my rent is $1895 (I try to stay competitive) and my security deposit is $3500. No pet deposit as I do not want to be limited by that amount. Security deposit will be used for any pet damages. People are more incentivised to keep the place in a better shape when they know they can get their deposit back. I write my ad in such a way that I get minimum tire kickers or unqualified potential tenants. I honestly do not care to receive 100 messages. I have class A  property and anyone who does not meet my criteria is out. My properties are within 1 mile radius, they are cash flowing and have tremendous appreciation. I would rather not rent and wait it out. Quality over quantity.

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