Nasty time with the tenants
One of the tenants on my Salt Lake City properties are late on the rent. Well, they’re not late, they just haven’t paid for a few months. Nothing but excuses and sob stories. I had taken them to court in June for non-payment of rent and instead of leaving, they requested the judge for 2 weeks during which they paid up. Its not that they’re flakes. They have an option to purchase the house and they really want to do that. Its just they’re have poor money management skills and no concept of financial planning. They had promised me some money by the 25th November. Today I got an email with some more sad tales of family trouble. Its either that or the husband health problems.
I basically told them that they had to tell me when and how much they were going to pay me the next week or I was going to have them move out. No one likes to evict people the day before christmas so I’m trying to get a head start!
Should’ve been more stern with them but I felt sorry for them. The husband had genuine heart problems. Anyway, if I don’t get paid soon i’m going to be in the hole myself. I just paid $6k for the landscaping on the same house plus i haven’t received rent for a few months. Atleast the house has great curb appeal and should rent out much quicker now.
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November 28th, 2005 at 4:34 am
I’ve been reading your stuff for a while now – great blog (linked to it from Savvy Saver).
My husband and I have been considering buying investment property. We own our co-op in NYC but but don’t have a clue as to where to start when buying elsewhere.
Any tips? And/or books you can recommend?
Thanks!
November 28th, 2005 at 7:20 am
Ugh – non-paying tenants are the worst! You really need to harden your heart and move forward with eviction proceedings. If they are not good with money and have health issues you are probably not the only person they owe money. The credit card companies, utility companies, etc. are not going to “feel bad” for them. By being soft you are placing yourself last on their list of who to pay this month. As a small landlord you really need to be first on the list – unlike the credit card companies or utilities you can be ruined by a non-paying tenant.
This is the hardest part about being a landlord and why so many don’t have the stomach for it.
Good Luck!
November 28th, 2005 at 2:43 pm
check out these books
http://topbooklists.blogspot.com/
look under Basic Investing Books. there are a couple for real estate.
You should network and find people who are doing that. I know about 30-40 people who are investing out-of-state and its very useful in terms of finding deals and sharing resources.
November 28th, 2005 at 5:07 pm
My “Ex-tenants” decided not to pay their rent and let the heating and electric be turned off during the winter months. I had a “friend” who was supposed to take care of the place for me. All of these circumstances = busted waterpipes and radiators = $12,000 in damage. It took 3 months to get my house back into good enough shape to rerent it out again. A hard lesson learned!
http://themillionairemindset.blogspot.com
December 12th, 2005 at 7:54 pm
I’m thinking about trying to buy a house to move into near my college campus, then bringing in a bunch of roommates to help pay off the mortgage.
Just not sure if I can be mean enough to boot ‘em when they don’t pay. Good luck with your tenants.