Crisis for Landlords? California's AB12 Bans Security Deposits As We Know Them
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- Опубліковано 19 бер 2024
- In this episode, Peter talks about a new law affecting every landlord in California. From January 1st, 2024, Assembly Bill 12 changes how much can be charged for security deposits. Before, landlords could ask for up to two months' rent for unfurnished properties and three for furnished ones. Now, they're limited to just one month.
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Being a landlord in CA is literally asking to get screwed over. I'm amazed anyone would do so in this state. WTF is normal wear and tear vs. Damage and who gets to decide? If they are squatters, what good is keeping a one month deposit when they get to sit there rent free for 3-6 months?
My last tenet burned me for 3 months rent and did 10k in damage during the moritorium. Now require a 750 credit score, 2 bank statements, 2 years tax returns, first, last and 2k security deposit. On top of that I raised the rent by $1,200 a month. Now I have a great tenet that treats the house like it was his.
Fortunately you are able to increase your screening standards and this significantly increases your chances of getting a good tenant.
Sadly, it always seems to be the case that after getting burned by a renter, the ensuing changes I make end up getting implemented on someone where it's all unnecessary, because they're not a scumbag. But you can't know this until some time has passed.
They don't want landlords.
Me and the wife are currently selling ours. We are bailing out of here. We’re conducting a 1031. Selling our home to pick up 2 in another market. Folks if you have a property here get out before it does get worse. This state is not taking our retirement dreams way.
awesome video, thank you. its painful being a landlord in this state
They are making it so difficult. Thanks for watching.
I’ve been asking first, last and one mo security deposit. Could I charge first, two last months and one mo security deposit?
I'm pretty sure this wouldn't fly. I wouldn't do it. They generally consider any funds taken up front as security deposit funds.
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