Posted by Ty on July 19, 2001 at 24:34:09:
I was order by the court to refund a tenant security deposit of $2,000 by 7-29-01 which I don’t have and then the tenant would move out 8-01-01.
The tenant has been in the property since 5-01-01 and I haven’t received any rent. I thought for sure I had open in shut case tenant not paying her rent and automatic eviction.
But to my surprise I didn’t know you had to have a renter’s CO I had the CO from the county but wasn’t good enough.
The reason I don’t have the security is because I paid the mortgage with I thought was only right.
This is my first investment property and I’m already in the rear.
Because of this I will lose $6,000.00 that I don’t have or can’t afford to lose. $1300 a month for rent and giving the $2000.00 Back
I have a few people already wanting to rent the property but nothing could be done until the tenant vacates.
What do I tell the new inquiring tenants I need your security deposit early so I can use it to get the tenant that’s in property out.
Do I run an ad to Lease the property and try to get more money to put this tenant out?
One of the inquiring tenants is a family member and I don’t want to rent to family, but she willing to give me the $2000. And let me give it to the tenant in there now.
I don’t know what to do I’m stuck there must be other alternatives. Any help would be greatly appreciated.
Thanks,
TY