Returning the rent deposit

[Bryan Laufenberg]

Recently purchased a triplex with tenants already in the property, thus I inherited their security deposits. One tenant had to leave but had been in the property for 4 years. Their security deposit was $450, they want their security deposit back but there are so many repairs needed and I have no idea if the damages were from them or not. They did smoke in the unit and I am wondering if I should give them back the deposit or keep it. 

Totally new to this so any advice would help.

[Patrick M.]

I took over run down, deferred maintenance apartments. My practice was always to give inherited tenants their complete deposits back. 

1. I had no record of their check in, and

2. I was so happy to get them out and renovate.

Their are some landlords who don’t cash flow and as such they have already (mentally) spent their deposits. They have a very narrow definition of “wear and tear” out of financial desperation.

Say good riddance and capitalize on the vacancy.