All Forum Posts by: Gavin Shuler

Do you charge tenants a fee for re-keying the door locks upon move out, IF they turn in the keys to you? A co-worker of mine recently mentioned to me there is a re-keying fee ($80) upon move-out that will be subtracted from the security deposit for the apartment she is thinking to move into. She found this odd and so did I. My impression is it is a normal turnover expense that landlords have to bear as a cost of doing business. Plus I would argue this doesn't qualify as a "damage" that could be subtracted from the security deposit. (I also find $80 quite high when there are locks now that can be re-keyed in place and the only expense is making copies of a new key) If the tenant lost or didn't turn in the key then absolutely that's a different story and there should be a charge. 

Would like to get some other landlords' opinions on this!

Wade,

This is a fantastic alternative versus the more traditional routes of RE investing! Did you have an architect come up with the design plans for you, or did you do this part yourself? Also, how did you fund your first few builds?

This is definitely something I'll add to my playbook.