All Forum Posts by: Scott Esmail

Hey Steven, 

I think you help me clarify this issue more, I will leave it the way it is, in an separate bank account for security deposits. It's not that important to me at the moment. Thanks everyones feedback.

Hey, I appreciate the feedback so far, I am a very experienced investor/property manager, so I understand the issues about the way a tenant may leave a property I am okay with what is going to come of  that.  I am asking  more about the proper legal way of doing this and if it is legal to use the funds after switching it to lasts months, for what I would like to use it for or will the last months rent  have to be held in a bank account also, its not a couple thousand I own a lot of houses and want to use the last months rent to buy another property 

I own several rental properties and tenants have given me 1st months and security deposit when they have moved in, I now am holding a lot of security deposits that have amounted to a good amount of casht, I understand that security deposits can not be touched until they move out, is there a way that I can send tenants a letter or something telling them that we are going to use it for there lasts month rent instead  and then I should if I am correct be able to use the funds ?

I am from Toronto Canada, I owned many properties, not sure about the market your area but Canada seems to be very hard to cash flow in most areas. I have invested in a county in the states that has very good cash flow. Maybe do a mail out to apartment owners in that area that maybe thinking of selling, once it hits MLS sometimes it like buying retail and hard to do well, you may need to make many offers to get something that has both cash flow and appreciation. Like I tell my wife you can't bring appreciation to the grocery store to pay the at the cash register with it but you can with cash flow each month, if you don't get this place keep that in mind when your looking.

I am a new member too, I haven't quite finished setting up my profile yet, but I would suggest go on the  Real auction (Orange county) website where they sell forclousers and bid on something. Do your research first and get a lien search does before buying, you can order them online and they take a few days. I have bought many rental and flip type properties on that site.