Some Landlords Choosing Surety Bonds Over Security Deposits: But Will It Work for You?
by Bill Gray
As with all of my articles, this one is from the perspective of a landlord collecting tenant debt. Remember, I am on the back end of the deal, looking at damaged rental units and unpaid rent.
I will limit my comments about tenant surety bonds to my experience and how they affect debt collection after a tenant moves out.
What is a surety bond?
A bond is not a deposit. A surety bond is a product that a prospective tenant can purchase in lieu of a traditional security deposit. The bond is normally nonrefundable and costs significantly less than a security deposit, thus reducing the tenant’s move-in costs. Read more...
Bill Gray is a tenant debt collection specialist. For tenant debt concerns, email him at Bill@thelandlorddoctor.com.
Visit Bill Gray’s blog at TheLandlordDoctor.com.
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