Security Deposit

[jimeve]

2 minutes ago, Tommy T. said:

That's way cool... L has a renter who has been there for a few years - always pays her rent ahead of time. She reports anything that seems amiss regarding noise, leaks...anything. There are some real gems out there.

She had two renters who she moved out a few months ago. Apparently they did not know how to clean toilets or to keep the place clean. Hmmm... they also seemed to never be able to pay their rent on time or pay their water or electric bills on time. They also smoked in the "no smoking" apartments and were too cheap to pay 15 pesos per small garbage bag to be picked up and just tossed it over the fence... Both of them just ran out their rent advance and left the deposit. L took a loss on one (broken door hardware, damage to walls) and broke even on the other.

So there's the good, the bad and the ugly...

There's an American interested in renting for one month, just msg me on FB. he's flying out next month. He was surprised about the deposit but said as long as I get it back. I reassured him he would get a full refund. if nothing broken.

[Tommy T.]

1 hour ago, jimeve said:

There's an American interested in renting for one month, just msg me on FB. he's flying out next month. He was surprised about the deposit but said as long as I get it back. I reassured him he would get a full refund. if nothing broken.

or missing...

People steal towels and other things from expensive hotel rooms worldwide... No reason for you to not be careful about that. And try to get his payment in cash or run it through credit card early to be sure? All that is up to you and your comfort level...

If you want a serious wake-up call, watch the movie "Pacific Heights," from many years ago... It stars the "renters from Hell!"

Edited January 3, 2020 by Tommy T.

[jimeve]

4 minutes ago, Tommy T. said:

or missing...

People steal towels and other things from expensive hotel rooms worldwide... No reason for you to not be careful about that. And try to get his payment in cash or run it through credit card early to be sure? All that is up to you and your comfort level...

Got to be cash only. I will do a full inventory. Thinking about going airbnb route.

[intrepid]

I too would not rent a furnished apartment even for one month without a deposit.

when we first arrived we needed to rent a furnished house while we built ours.  Didn't want to buy furniture twice.  The house we rented the owner required 2 months security deposit, first and last months rent, and ten post dated checks.  I didn't like it and was hard to take.  However, it was about the only available place we could find in the area we wanted to be.  We did get our security deposit back but they were very slow taking about 4 months after we moved out.

[jimeve]

3 minutes ago, intrepid said:

were very slow taking about 4 months after we moved out.

Should have given it back to you when finished checking the property. Where the owners locals?

[Tommy T.]

38 minutes ago, jimeve said:

Thinking about going airbnb route.

I believe @Jollygoodfellow is the expert and an agent for AirBnB? I would definitely consult with him...

Edited January 3, 2020 by Tommy T.

[Arizona Kid]

I rented a 2 bdrm 1 cr  Older house in 2008 for P7k per month. 3 months rent in advance. I'm still in the same place here in 2020 and the rent is still 7k per month. They even paint the house once in a while inside and out, and put new screens on the windows. They fix the gate when it gets out of wack and even give us imported chocolate every xmas. Big yard and covered patio to park the car. My dogs love it almost as much as we do.

[hk blues]

1 hour ago, Tommy T. said:

So the lesson I learned is to not even rent out a place if it has special meaning to you or you consider to return to live in it or use it. 

A guest house owner who is unwilling to rent out his/her place won't make much of an income Tom!  

[Tommy T.]

10 minutes ago, hk blues said:

A guest house owner who is unwilling to rent out his/her place won't make much of an income Tom!  

I understand that and agree with you. However, my point is that, if it is a property that someone has an emotional attachment to (and/or inadequate insurance!) they should think twice or more about leasing or renting it out. It's also better if the owner is their own agent and live either next door or very close so they can keep an eye on it.

I had an agent minding our house in USA many years ago. Actually several different agents at different times. They did not keep an eye on the place or take care of it very well. Sure, it's not their place. Maybe I am just weird, but I try to take care of anything I rent or lease or whatever as if it were my own. I respect the property. There are so many out there that do not - and I have been burned a few times so am now super cautious... Imagine renters who would act like some house guests or family mentioned in other threads here recently? Imagine them staying in a place for several days or weeks, unattended, unobserved? It can be a nightmare.

So I am just urging extreme caution and to take as many steps as possible to reduce or minimize abuse or damages...

Edited January 3, 2020 by Tommy T.

[hk blues]

6 minutes ago, Tommy T. said:

I understand that and agree with you. However, my point is that, if it is a property that someone has an emotional attachment to (and/or inadequate insurance!) they should think twice or more about leasing or renting it out. It's also better if the owner is their own agent and live either next door or very close so they can keep an eye on it.

I had an agent minding our house in USA many years ago. Actually several different agents at different times. They did not keep an eye on the place or take care of it very well. Sure, it's not their place. Maybe I am just weird, but I try to take care of anything I rent or lease or whatever as if it were my own. I respect the property. There are so many out there that do not - and I have been burned a few times so am now super cautious... Imagine renters who would act like some house guests or family mentioned in other threads here recently? Imagine them staying in a place for several days or weeks, unattended, unobserved? It can be a nightmare.

So I am just urging extreme caution and to take as many steps as possible to reduce or minimize abuse or damages...

Tom, i know.  But, anyone who sets up a business using assets that they are emotionally attached to is going to face heartbreak sooner or later.  Jim simply wanted to know if asking for a security deposit was unreasonable, not if renting out his place was a good idea or not.