Security Deposits

The landlord-tenant law—the primary body of law—came out, I believe in 1957. It’s known as the Landlord Tenant Act, and most states have adopted their own versions now. This is different than protected classes. With protected classes, you can’t change what the federal government mandates. You can only add to it. When it comes to security deposits, the states are actually allowed to interpret for themselves how they manage security deposits or how you, as an owner, should manage security deposits.

There is a guide to what happens with security deposits and how you handle them. It’s a state-by-state guide. Just pick your state, pull it up and look at it, so you can determine what you should do, relative to your security deposits.

Follow the link below to that guide:
https://www.american-apartment-owners-association.org/landlord-tenant-laws/

You have to know this, because the reality is, if you don’t know this and you do something incorrectly, chances are very, very good the law is stacked against you.

Then watch this video from Gary to learn more:

https://winrealtyadvisors.lpages.co/trp-08/

Next…

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