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A new landlord needs advice.

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Money Talk > Real Estate

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A new landlord needs advice.  Reply with quote  

What do my fellow landlords do with the first, last and security deposit?
Post Mon Dec 19, 2011 1:43 pm
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Put the deposit into an account and don't touch it until the person leaves and then you will have to pay them interest on the money. As for the first month payment that one is cashable. The last I would hold onto for a while to see if they stay or if there is a problem.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Dec 19, 2011 10:28 pm
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Regulated by State  Reply with quote  

It really depends on your State what you can do with the money. Ideally you should keep the deposit in a separate account, but if it is not required by your jurisdiction, you can use it for the property or however you see fit.

However when the tenant moves out, make sure you respect the terms of the lease: usually I put on the lease that they will receive the deposit back within 30 days of moving out, less any extraordinary expenses, like clean out, hauling and damages.
Post Tue Jan 10, 2012 10:02 pm
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