All Forum Posts by: Vince Beusan

@Jered Sturm 

Excellent Jerry!  Inspirational, I feel the passion in your writing.  Love the roll up your sleeves hard work action and attitude.  Reminds me of a short story told like Napoleon Hill.  Keep it up and check in often to update on your 2015 plans.

@Gina Gee 

welcome to the BP Site.  Good to know another Orange County investor.

@Leonard Holland 

welcome to the site.

@Anthony Fleming 

welcome to the BP Site!  Also check out the Podcasts if you have not done so already.  Pick your topic of interest and there is a lot of content to share.  I suggest getting your notebook out and be ready to take notes to get the most out of each podcast the first time through.

@David Truong 

welcome to the BP Site.

OK @David C.    now I understand.

@David C.  I wasn't aware that Auction.com was going away in a few months?   There certainly has to be plenty of other online auction companies ready to fill their shoes.

@Aly L 

Rent is due on the 1st.

Late is on the 5th.

Eviction is filed on 10th day to pay or quit, (so we are in court by EOM).

Deposit is held in a separate escrow account.

The lease states the security deposit can not be used as last month's rent.   However, the question arises if a tenant does this without your permission and breaks the lease agreement, I would like to know what recourse and action you can take.   I understand you have little recourse if the renter imposes their will.    I know I can initially:

A) ask for a double-security deposit (however few applicants can afford this, typically 'A' class tenants).

B) Let the tenant know if they decide to use their security deposit as a last months rent payment, that if anyone ever calls in reference on your rental history that you will advise they pay rent late.

C) Let the tenant know, if they damage the premises you will sue for damages as you broke the lease agreement 

@Mark Vieira 

This is something that tenants ask to do a lot. My strategy is to tell them they can't do it and inform them they need to pay rent for their last month. If they do not pay rent, and their security deposit isn't sufficient to cover what they owe (in rent or in repairs), they will then have a negative balance on their deposit reconciliation you send them within 14 days of them moving out. If they do not pay the deficiency, I typically just turn the account over to a collections agent. In some cases, if the amount owed is large enough I have given it to an attorney who will pursue the debt on contingency. I have only had to do that for commercial though...the amounts owed on the residential side has never been large enough to justify that.

I like that, thanks!

@Roy N. 

very clear, thank you.

@Michael Germinario 

Yes, good points.  The tenants are provided a checklist they sign prior to taking over the property on their walk-through, and we explain that upon leaving the property any damages & cleaning will come out of the security deposit.

@Stan Butler Stan do you mean you charge approximately $100 less than rent for security deposit, rather than say $100 more?   Interesting.

@Bill Gulley 

Thank you!

If you know your tenant is going to use their security deposit to pay their last months rent, what are some things that as a landlord we can do to hold them accountable for the costs associated with the security deposit?   Thanks in advance for your suggestions.