security deposit return for MTRs

[Kim Parker]

Hi BP forums, 

We have a house that we are renting as an MTR. Going well so far and I'm honing in our processes. We do collect a security deposit and a cleaning fee. Unless something is trashed or missing I am assuming that we will return the security deposit. For our LTR we send the security deposit in the mail with an itemized deduction if needed. But for an MTR I would love an option where I can just send it online or quicker/easier than mail.

Advise?

[Jamie Banks]

How did you collect the security deposit? I suggest returning it in a similar way. I use Baselane for my bank accounts and payment software. I can return security deposits via ACH back to the tenants after they move out. You can go online to get a free template of an itemized invoice that you can fill out and email over when / if deductions are taken from the security deposit due to damages.