Rental property headaches

clifford06 · Post by **clifford06** » 31 Dec 2014, 18:20

Happy New Year To All !! Well, every year at this time I get the same old sad sob story from my tenants. " I'm sorry I'm late , I had to make sure my kids had a good for Christmas." Hello !! My kids want one too. I'm not in this to get rich ,but to set myself up for supplemental income in my latter years. Some of the excuses are funny, pathetic and others just Piss Me Off.

Any of you deal with this ?

93Regina · Post by **93Regina** » 01 Jan 2015, 07:07

clifford06 wrote:Any of you deal with this ?

I give the tenant $100.00 off on December's rent; within contract, I inserted a proviso which states that I "in writing, may lower a monthly rent at his option, but this should not be construed as a change in contract terms."

Check your state's laws....

Post by **Matty Moo** » 01 Jan 2015, 11:30

Regularly. Our tenant is late 95% of the time. But I look at it this way, she pays every month and doesn't destroy the place or bother us about anything.

93Regina · Post by **93Regina** » 01 Jan 2015, 16:00

Matty Moo wrote:tenant is late 95% of the time

In state I live, it means if eviction happens, it could take much longer, legally, unless a notice is sent every time.

Your state may have put together all of the landlord-tenant laws in one area of the statutes; its good to know. Also, a state agency may have put together a landlord-tenant handbook, which includes relevant court cases. And of course, a city may have ordinances.

Yes, most tenants are clueless, but...where I live, one must go to district court to resolve a matter.

YMMV

Post by **abscate** » 09 Jan 2015, 09:53

If you get tweaked by tenants paying late, you shouldn't be a landlord. Its part of the territory.

The best tenants move out and buy houses, after all.

Build the cost of money into the rent structure and thank them when the pay, knowing that they are paying for their own tardiness.

One way to push better behavior is to offer a cap on rent increases for on-time payments, btw.

Post by **Matty Moo** » 09 Jan 2015, 10:43

I've just resigned myself to the fact that I'm getting paid regularly. The issue I have is that the house isn't a "rental grade" house. I redid the entire place inside and out a few years ago under the premise that we'd be there forever, so I didn't go cheap on anything. That being said I'm grateful that somebody wants to pay want I want for a very nice 1000 sq/ft Ranch without treating it like a typical renter would. It wasn't the route I wanted to take but our new house was too good of a deal to pass up, essentially a once in a lifetime opportunity.

I'll probably put the place up for sale come spring. I regularly keep track of smaller homes selling in the area and mine is miles ahead of everything else in the area for a home that size. It will sell quickly for what I want.

93Regina · Post by **93Regina** » 10 Jan 2015, 19:15

abscate wrote:If you get tweaked by tenants paying late.

Landlords using the Triple Play option (1st month, last month, deposit) can eliminate those headaches, with a thirty day eviction notice.

Even credit card companies had a change in attitude some 15 years ago; they sock it to you, when late.

If tenant(s) is/are working, there's no excuse(s)....

Post by **Matty Moo** » 10 Jan 2015, 22:01

Went to look at another house today. It's actually the very first house I bought 14 years ago for 120k....it was the cheapest house in the area at that time. The people I sold it to let it go, so it's up as a foreclosure for 65k. The house has some small foundation issues and always has, I'm going to lowball and see what happens.

Amazingly enough, they didn't change or replace a single thing in the 11 years they had it. Even the toilet seat was the same, paint, faucets, everything. It was like I never left it.

Today I talked to the realtor I've dealt with in the past and she has a few people looking for a nice small Ranch like mine that I'm currently renting out. It would be a fsbo deal, so I can cut out the 6-7% if it were listed and pay her 2.5% to broker the deal. I run from 5am to 10pm everyday in the spring so that's well worth it to me. I'd have zero time to deal with it myself.

Post by **mecheng** » 11 Jan 2015, 06:52

Wow a home for 65k, I'd love to own a rental property but you can't buy a home for less than $300k here and that's in the not so great neighbourhoods. I'm hoping we have a US style crash people need a reality check when the avg house price is $450k: that includes condos!

Until then paying off mortgage as quick as I can

clifford06 · Post by **clifford06** » 11 Jan 2015, 16:03

I totally understand the " don't destroy, don't annoy " concept.