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Updated 11 months ago on . Most recent reply

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Curious as to what to do as a landlord

Margaret Dreesen
Posted

I am a newbie at being a landlord.  My late husband and I had a small studio on the Chicago Gold Coast.  My tenant fell over his own cane and then called 911 in the middle of the night.  The fire dept used crowbars to break into the condo to take the tenant to the hospital.   They deemed it a life threatening situation. My tenant has been living in the condo for over a year and is out of the hospital and back at the condo.

The new outside fire door costs over 3000 USD.  Can I use some of the tenant's damage deposit to pay what my insurance does not pay? 

Any suggestions from you experts out there?

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Margaret Dreesen:

1. Do not EVER use the security deposit for repairs or rent while the tenant lives in the rental. The deposit is for after they move out. It is your only leverage to ensure the tenant complies with the terms of the lease. Your law probably prohibits you from using it for any expenses during their residency.

2. This is a tenant expense. They should file an insurance claim. If they don't have insurance, then they have to pay out of pocket. If they don't have insurance, this is a great opportunity to explain to them why it's necessary.

  • Nathan Gesner
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