Security Deposits

After the experience I had with my last tenant, I can't stress how important it is to have at least one or two month's security. The tenant and I left on good terms. But, he left the apartment with 12 garbage bags filled with stuff he didn't want to move. The bags were filled with clothes, papers, books, etc. It would not have been so bad but they were not sorted. Then, he left two huge dressers that were not of great quality so I had to trash them. His son put up posters and never took them down. The kitchen was a mess. The fridge had a good amount of food in it and had not been cleaned in a while. All his spices were left. So, my sister and I cleaned the kitchen and bathroom. The took a couple of hours. After getting fed up, I had to hire out help to get rid of the rest of the stuff. Then, my handyman took care of the posters and some other items. At the end of the day, about 700-800 dollars worth of work. Thank goodness I have the money to cover the costs. I don't know if it is market to get two months security but might be worth it.

Security Deposits

In NY State, landlords are required to segregate security deposits in a separate bank account. I guess the idea is that it will be safer there. Certainly prevents against dipping into it. I am glad. One of my tenants left and while he cleaned up some parts of the apartment, he left garbage bags and two huge bureaus. I might be able to get rid of them but it will be a pain. I contacted him yesterday and no reply. But, I have his deposit. He seems to have forgotten this. So, if I don't get rid of them via craigslist, I will have to pay the super but I am not taking the hit, the tenant will. I wonder what he will do when he realizes this.