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I only do m2m, and I’m glad for anyone to leave who can’t pay rent at this time. I collect two times rent for security deposit, so if a tenant walks away I can cover the rent. I have one tenant who stopped paying and the tenant is still working. When the eviction ban ends, so will the tenancy.
Another LL expecting 100% return while tenant takes 100% lose.
If there was no stimulus bill passed then maybe. But between the lump stimulus money and the extra unemployment money given on top of regular unemployment there is no way I would let them break the lease. The most I would do is waive the late payment fee and maybe work out a payment plan for a month of missed rent. Like maybe pay an extra $200 towards the month they missed until its made up.
Well, you wrote this on the 27th of March. Pretty much no one has yet to see the "extra unemployment money" and many have yet to even see the un-extra unemployment money as of 4-10.
Well, you wrote this on the 27th of March. Pretty much no one has yet to see the "extra unemployment money" and many have yet to even see the un-extra unemployment money as of 4-10.
I only do m2m, and I’m glad for anyone to leave who can’t pay rent at this time. I collect two times rent for security deposit, so if a tenant walks away I can cover the rent. I have one tenant who stopped paying and the tenant is still working. When the eviction ban ends, so will the tenancy.
Are you going to alter your rental criteria to accommodate the large applicant pool of those evicted or foreclosed during this time?
Sounds like you need to up your emergency fund game.
after more than 30 years as a landlord we got out of the business ... we no longer want the problems of others becoming our problems in retirement ...
no matter how carefully tenants are screened one of the big 3 eventually gets a landlord when a tenants issues become their issues as well ...DIVORCE - ILLNESS AND JOB LOSS eventually get everyone at some point . there is no telling how a tenant will emerge when it happens .
with the new laws passed in new york as far as the rental bill last june no way would i ever be a landlord in this state . to many other ways to make money to put up with this crap.
Last edited by mathjak107; 04-11-2020 at 06:35 AM..
after more than 30 years as a landlord we got out of the business ... we no longer want the problems of others becoming our problems in retirement ...
no matter how carefully tenants are screened one of the big 3 eventually gets a landlord when a tenants issues become their issues as well ...DIVORCE - ILLNESS AND JOB LOSS eventually get everyone at some point . there is no telling how a tenant will emerge when it happens .
with the new laws passed in new york as far as the rental bill last june no way would i ever be a landlord in this state . to many other ways to make money to put up with this crap.
so you never had any tough life situations I see. Must be nice
Unless you live in a very wealthy area or deal in high end properties, you're never going to have more than a small percentage of tenants that can satisfy that criteria.
The suburbs. 100% of my tenants have a 625+ credit score, and pay no more than 30% of their income in rent. If you charge too much in rent, you get lower quality tenants.
24 rentals and no evictions, or non-paying tenants, since 2012.
Quote:
Originally Posted by moneymkt
Well its good to hear you did everything right your entire life
It has nothing to do with doing things right. It's living below my means and sacrificing when I had to.
Quote:
Originally Posted by tommy64
That may be true, but a LL who is serious about being in business will have resources and the options that come with. If a LL wants to boot someone who finds themselves in an unforeseen crisis they certainly can. It'd be better business to extend some credit to a proven tenant than lose them over a temporary hardship.
100% correct, although it would depend on the situation. My mortgages are only 8% of my rental income, I can go a while. I would waive a late fee, if the tenant called in advance. For a radio silence situation, the late fee stays.
I have been a low-income landlord. I know all the (lame) excuses.
Last edited by FIREin2016; 04-11-2020 at 11:25 AM..
This is slightly OT and I’m a renter and not a LL so I’m not sophisticated in the ways of your business. I’m retired and do have the ability to pay off any lease I enter into at any time or pay the whole thing in advance. Prior to retirement I was in the same place for 13 years and paid by check each month. I never paid online before until the place I am currently in. But I love their system and I routinely pay two to three months in advance with never a comment or complaint from LL. I’m moving into a new place and they also have online payment available and I mentioned that sometimes I like to pay rent in advance, especially when traveling internationally for extended and unknown periods of time. The office person made the comment that they liked to be paid monthly and not in advance. What are these “regulations on advance rent payments “ you speak of and does paying too far in advance create a hardship for LLs?
I’ve never spent any time n this forum but I find it fascinating and enjoy some of these threads.
If you may in advance in December, the company may have to recognize the revenue before they actually earn it, and before any expenses. So they pay more in taxes. Especially if they are a cash vs. accrual accounting system.
I generate an invoice every month in my system, and when rents come in I apply the payment to them. If I received more than a month, I would have to generate 2-3 invoices, apply the rent, and remember next month not to generate an invoice for a month that was 2-3 months away.
It's not hard to take advance rents, and I would do it myself. It's just a bit of 'special processing'. It's worth it to me, especially if you got kidnapped for a long time on your international travel.
Another LL expecting 100% return while tenant takes 100% lose.
That's most of their attitudes.
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