People frequently ask me if I charge security deposits and if so, how and when?
First, I absolutely do charge Section 8 tenants a security deposit, and I’ve found that good tenants expect to pay one.
I break up the deposit into 2 payments – 1 due after applicant approval and in order for us to take the home of the market, and the other due on or before lease signing.
There’s a few other tips & tricks I have when it comes to security deposits – check out the short (only 5 minutes) video to learn more.
The lease is signed by landlord when turned into with packet. And i never call the $500 a deposit, its a holding fee that is applied towards deposit. Your verbiage may protect you but it creates a gray area. Deposits are returnable. Fees are not. Lets lunch.