With Apartments.com I can automate rent payments, have the security deposit paid, and have tenants upload their proof of renter’s insurance.

If you don't, the tenant could pull out a written lease after you buy the property or claim the deposit money is more than you were told or that the tenant owns the appliances.

Bank statement loans work great if your business gets a large amount of monthly deposits because the way the lender calculates income is by adding all your deposits over the last 12 months then cut it in half and divide that total by 12 months then take 50% of that remaining balance and use that to calculate your DTI.

Hi all, In MA, my understanding is that landlords have to hold security deposits in a bank within the state that is interest bearing.

Ask for a higher deposit as well, and copy of the insurance on the property they get.

My tenants security deposit is around $2600, not even close to covering the cost of repairs.I want to ask how do I handle a security reconciliation process myself?

If you do this you can potentially include a higher security deposit but you want t make sure to follow state laws about that.I understand that people may be improving their credit due to life circumstances.

Their dog ($400 pet deposit) has chewed and clawed through multiple portions of walls and door frames.  

What we have found is, most of the time they are leaving the house and yard in a condition that goes over the amount of their security deposit.

I have their security deposit but the damages are 3x the security deposit.