The subject of this episode of The Most Dwanderful Real Estate Podcast Ever is “the giant deposit.” Dwan talks about her recent experience with her son going through this process of purchasing his first rental property and vetting the tenants with an unannounced pop-in visit as well as the conversation he had with them about the deposit. Dwan knows from experience that almost every time you require a security deposit of the same amount as a month’s rent, the tenants will ask you to use their security deposit as their last month’s rent, so by making the deposit $300-$400 higher than a month’s rent, you are almost guaranteeing that they will pay their last month’s rent in order to receive their deposit back.
Time Stamped Show Notes
- 3:44 – Dwan shares the intense story of her dog, Beau, and his encounter with a pit bull at the dog park.
- 15:03 – This is the Rental Road to Riches season, and last week Dwan shared her tip of popping in on people.
- 16:15 – This week, the topic is collecting a deposit that is larger than the monthly rent. You should tell your tenants that they have to pay their last month’s rent before receiving the remaining portion of their deposit back.
- 22:34 – Ask your tenants 30 days out from the end of their lease if they want to renew.
- 24:13 – In a few weeks, we will be talking about the rental agreement.
- 24:34 – Dwan’s additional tips: collect a pet deposit, install door stoppers, and be clear about who is responsible for fixing what.
- 26:17 – When you do a pop in visit to their current residence, look at the cleanliness of the house rather than the clutter.
- 28:19 – Next week, Dwan will talk about taking pictures.
- 29:45 – Using these principles, Dwan has not had to evict a single tenant that she chose over the last 10 years.
- 31:32 – In the next few weeks, Dwan will talk about the Power of 13.
- 32:15 – Your assignment after this episode is to download the Lingo document at Dwanderful.com/lingo, to join the membership site for access to the LIVE Coaching Calls on Wednesdays, document library, and chat box, and to share on your social media about the podcast.