New landlord Rough Start

[Troy B.]

The other day A 20yr college kid looked at a rental I had and immediately said he wanted to reserve it to move in on the first of the month. It was against my better judgement to rent to a college kid but he had a full time job on top of his schooling and his parents where going to co-sign with him.

Long story short he gave me $200 to hold the place and signed the reserve agreement. I met with his parents that night and they liked the place also but wanted a few changed such as a second lock on the door.

Now four days later the mother calls telling me her son found a better place and she wanted to get the reserve deposit back. I told her that it says the deposit is NON-refundable if tenant changes there mind in BOLD print just above her sons signature. In fact it is the reserve agreement form that is available on the Bigger Pockets forum. Now I lost four days of prospective tenants and also added the new lock as she requested.

I explained this all to her but She began yelling and said how dare I take money from a young college kid. She said she would call her lawyer. I knew I had the legal right, but I caved in and said I would send her a check, but I didn't say for how much. I know I don't have to do this, but being a new landlord, I just gave in.

So do you think I should give her all the reserve deposit back, part of it, or none?