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Re: withholding security deposit questions... - Landlord Forum thread 359161

Re: withholding security deposit questions... by lpadave on March 24, 2019 @08:48

                              
Also if you're doing a lot of the work yourself, that works against your claim.
While a real plumber with a fancy well stocked truck AND a license and insurance and crisp white jumpsuits can and does charge 100 or 125 an hour,.....you as the landlord cannot.

As a rule of thumb, I figure ten percent of the departing tenants rent as previously paid to be applied toward turnover costs. Thirty six months at 1000 per month is 36,000. Is ten percent is 3600.

That's my ballpark target for my out of pocket costs to make ready and bring the uniit up to CURRENT EXPECTED MARKET CONDITIONS. And that includes some improvements and upgrades that make the unit sparkle and pop to new viewers.

I also figure that now my new asking rent is higher than departed tenant was paying,.... So there we are,....that's the business we're in.

There's also the karma thing. If the departing tenant was a good guy,....you should be a good guy,...there's no reason to not be. If not so much,.....then not so much on your side.
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Re: withholding security deposit questions... by evan on March 24, 2019 @13:30 [ Reply ]
This is all good information, thank you. To add more insight to the situation, I purchased the property and lived in it for 6 years before renting at which point I completely renovated the home inside and out. flooring, carpet, kitchen cabinets, interior and exterior doors, bathrooms, basement, appliances, driveway, landscaping, both decks, EVERYTHING; They essentially moved into a brand new home. Because of all the natural wood and stone surfaces throughout the home I've provided all cleaning supplies and materials routinely along with softener salt and furnace filters as sort of an extra because I'm more concerned with the property being properly maintained than I am with saving $100/yr (maybe wrong thing to do?). Anyway, I know I will be itemizing against their SD but I don't know what is fair and equitable amounts, especially when they damaged the face frame of a kitchen cabinet or paid to have a licensed contractor do sub-par repairs. Also, If I charge $500 to fix an entry door based on an estimate, can I fix it myself for cheaper? Do I have to provide proof of how their SD withholding were spent? Thanks!
    Re: withholding security deposit questions... by lpadave on March 24, 2019 @17:27 [ Reply ]
    Evan
    Not intending to be too tough love on you,....but you are In the business of renting residential income property. You may have indeed over improved what you're renting And have unreasonable and unrealistic expectations for a tenants care and attention.

    You need to emotionally remove yourself more from this.

    Tenants are tenants because they don't want to do all that Homeowner stuff and or because they can't afford to buy.

    Successful LLs rent bullet, idiot and animal proof properties with detail and amenities at the market they are in,.....with the expectation that when the tenant leaves, they can hose the place down, mop it out and turn it over fast.

    No tenant is going to look after the property as you would.

    The running joke about carpeting is that it has to be replaced as frequently as it does,....is because the last time it was vacuumed was when the landlord last prepped it for turnover to the departing tenant, when their tenancy started.

    Straighten the place out and get it re rented. Be gracious and generous in your computation of charges to the departed tenant. You're not In the business of maximizing yield from security deposits or spending your time in court against a legal aid tenant lawyer.
    Re: withholding security deposit questions... by Garry on March 24, 2019 @17:41 [ Reply ]
    You can only charge what it actually costs you to repair something, regardless of what any estimates are. If you choose to DIY, then you could probably get by charging $12-$18/hr for your labor, as you are not a "professional" contractor repairing that same item.

    On their sec. dep. statement, yes, you should itemize all costs of time and materials, even if you have to do it on 2-3 sheets of paper. If you paid someone to do something, you should provide a copy of the bill and check (but mark over your account numbers on the checks). (and, no, you cannot pay a friend or relative a huge amount, and then charge the former T that huge amount----they must be paid what you would charge for yourself.) Be reasonable with all your charges, as if the T takes you to court, a judge is going to ask you to explain all those charges. (and you might not like that outcome)

      Re: withholding security deposit questions... by evan on March 24, 2019 @18:22 [ Reply ]
      Garry and Dave,
      Thanks for the info and transparency. My property is a nicer home in a nice highly sought after area so I guess I figured this would attract a better class of tenants, perhaps that is unrealistic or my expectations are too high. Either way I appreciate the information and direction. - Best Regards

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