Lil Help With Security Deposits

[cruitr]

Originally Posted by BitViper

Well... I've changed the policy to include 1Mil in liability... increased the amount of pay out for a total loss so I'm feeling pretty good in the insurance policy... We also have a 2Mil umbrella policy.. so.. I think we're covered there..

The guy I'm renting to I've know for years.. you're all right there is always a chance of this going sideways..

We've done the credit check.. The guy and his family have lived down the street from us for a couple of years

cruitr.. thanks I've found that site a while ago... and downloaded the PDF...

Guys/Gals.. I've done my home work I just want to set a realistic price point for a deposit

Here's the rule for a security deposit:
In California, for residential tenancies, a landlord may charge up to two times the monthly rent for unfurnished and up to three times the rent for furnished dwelling rental units.

[tonyinsd]

Originally Posted by BitViper

I've done my home work I just want to set a realistic price point for a deposit

My deposit was one half the monthly rent. If someone has good credit, that's what they pay around here. In other areas of the country, a month's deposit is typical.

First and last month rent is a little extreme if you ask me. If someone is that bad of a credit risk, don't rent to them.

[BitViper]

Finally... thanks!

[AsakSD]

It seems to me that one month's rent is more common for a security deposit, at least with apartment buildings.

[tonyinsd]

Originally Posted by AsakSD

It seems to me that one month's rent is more common for a security deposit, at least with apartment buildings.

<shrugs>

Every apartment that I looked at wanted half a month's rent for a security deposit if you had good credit. Granted, five or six places and their management companies aren't an exhaustive sample that was my experience.