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Updated over 7 years ago on . Most recent reply
Deducting paint costs from tenant's deposit
I'm about to have my first turnover. I realize it's a per case basis, but how often do you guys have to re-paint the interior of your property? My tenants are in a B neighborhood and they take good care of the place (as far as I've seen).
We are in the process of fixing up a HUD home as well on the side and I'm starting to get concearned paint cost is going to really cut into the accumulated annual cash flow of my single family that's about to experience a turn over.
I'd imagine it's unlikely you'd have to re paint the entire interior of the house, and maybe just a room here or there, but that's still a big hit for a home that's only a positive $100-$200 cash value each month.
With all of that said, I forgot about their deposit. Is it "fair" to deduct a paint job (with receipts from a professional) from their deposit, if it's only from hanging pictures and a couple spots that need a touch up?