destroying your property

Discussion in 'Landlord & Rental Property Questions' started by cmiller, Jun 23, 2014.

  1. SteakTartare

    SteakTartare Senior Investor

    Joined:
    Mar 2014
    Posts:
    857
    Likes Received:
    11
    No, I haven't, and candidly, it is part of the reason why I've stayed away from rental properties as an income stream. Granted, a good property management firm can help filter out the unqualified renters, but still.
     
  2. Rainman

    Rainman Senior Investor

    Joined:
    Jun 2014
    Posts:
    1,587
    Likes Received:
    4
    It happened once and it was an accident. Tenant's car brakes failed and he slammed into a wall. A number of windows were broken and the wall had to be rebuilt. Seeing that he was responsible for the damage he'd caused even though it was an accident, he shouldered all the expenses for the repairs.

    I think landlords should be prepared for such an eventuality. It happens.
     
  3. ally79

    ally79 Guest

    Joined:
    May 2014
    Posts:
    154
    Likes Received:
    0
    It wasn't my property but the property of some family members and they had some tenants that moved out in the middle of the night and left the refrigerator door opened with rotting meat in it, in addition to having let their ferrets run all over the house with fleas. We had to take the linoleum up out of the kitchen and all of the carpet out of the house in addition to repainting the whole thing. Needless to say they did not get their security deposit, which doubled after that incident, back.
     
  4. My401K

    My401K Well-Known Member

    Joined:
    Dec 2014
    Posts:
    221
    Likes Received:
    3
    Exactly right! The whole reason you charge a deposit is so if there is damage beyond normal wear and tear you can recoup the loss. This payment has to be kept in a separate escrow account, you do not count it as income because it is not yours. Hopefully it never will be.

    The equivalent of four months rent straight up sounds harsh but really it is not. I have seen renters at condo's pay a year in advance, and that is hardly chump change. Usually when money is on the line people think twice. If it is to much sticker shock because of cost maybe it is not the right place for them to live. I have heard though of rentals being vandalized on the outside with graffiti and things of that nature. That may not be the tenants responsibility.
     
  5. troutski

    troutski Guest

    Joined:
    Jul 2014
    Posts:
    256
    Likes Received:
    1
    A deposit is an obvious necessity, although it will only protect you from so much damage and losses. Most tenants won't give you problems or break things, but I'd also say that most tenants do a little damage outside of regular wear and tear. Therefore, the average tenant might lose a few dollars off their deposit, but I know plenty of people that have kept the rental unit in good enough shape to receive 90% or more of their deposit back. I do know a few people that had to pay on top of their deposit to handle damages, though.
     
  6. shilpa123

    shilpa123 Banned

    Joined:
    Aug 2014
    Posts:
    373
    Likes Received:
    0
    I have never come across a tenants who has destroyed my property to a very great extent. I think it is best to try and learn quite a lot about tenants before aloting them the house.
     

Share This Page