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Updated almost 8 years ago on . Most recent reply

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Tyler Harrison
  • Investor
  • Lynchburg, VA
0
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Tenant unable to pay rent and wants to use security deposit.

Tyler Harrison
  • Investor
  • Lynchburg, VA
Posted

I am a new landlord who bought an already occupied rental property. The tenants have been there for almost two years and haven't missed and rental payments. One month after we buy the property the tenants inform us that they are in the process of getting a new job. They are unable to pay next months rent and want to use their security deposit. We have two months rent as the security deposit. Would using half of the security deposit be alright? 

Most Popular Reply

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207
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Stephen Haynes
  • Rocklin, CA
66
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207
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Stephen Haynes
  • Rocklin, CA
Replied

never use the security deposit for rent if the tenant is still in the home. serve the legal notices and start the eviction process. The security deposit is for damages and unpaid rent when they vacate the home. what are you going to do when they leave and you have repairs that need to be done that they caused. 

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