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Updated about 7 years ago on . Most recent reply
Damage higher than security deposit
One of my inherited tenants left after 5 years in the unit in Lakewood, OH. I have no idea of the unit condition when they moved in. The turnover is close to $10k with some upgrades. I have a few questions regarding charging the tenants:
1. I know I have to return the deposit within 30 days. The repairs have not started yet. Can I withhold the deposit and give them an itemized estimate repair cost? Or do I need to return the deposit since the repair has not been completed yet and then charge them after?
2. What are the repairs I can charge the tenants? I know I can charge them for the broken items. What about paint and carpet? These are 2 big ticket items worth $5k.
Any help is appreciated.
Most Popular Reply
You state that you did not know the condition when they moved in. Is the property held in an LLC. Do you have lease? Do you have any documentation from the seller? What are the circumstances surrounding the move out? Was tenant current?