OT: Sometimes it sucks to be a landlord

[PadreBrian]

[quote=oxfordrick]No good deed goes unpunished.

Anyone who rents property quickly learns that no good deed goes unpunished.

Collecting back rent is very hard – no incentive for anyone without superb credit to pay – just collect as much as you can, hand deliver the 3 Day Notice to Pay Rent or Quit for the balance, if they don’t pay timely initiate Unlawful Detainer, that should get their attention.

Once in a blue moon money will be paid, failing thta proceed to eviction and find new paying customers.

Good luck!

[/quote]
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[escapist]

There’s no lease agreement at this point, it’s just month-to-month. Since the mortgage is payed off, my mom is cash flow positive with what the tenants are paying. There’s also the possibility that we may want to move into the place at some point next year. If so, maybe it would make sense to lower their rent and let them stay until we’re ready to make the move?

Thanks for all the advice! I’ll talk it over with my family.

[escapist]

There’s no lease agreement at this point, it’s just month-to-month. Since the mortgage is payed off, my mom is cash flow positive with what the tenants are paying. There’s also the possibility that we may want to move into the place at some point next year. If so, maybe it would make sense to lower their rent and let them stay until we’re ready to make the move?

Thanks for all the advice! I’ll talk it over with my family.

[escapist]

There’s no lease agreement at this point, it’s just month-to-month. Since the mortgage is payed off, my mom is cash flow positive with what the tenants are paying. There’s also the possibility that we may want to move into the place at some point next year. If so, maybe it would make sense to lower their rent and let them stay until we’re ready to make the move?

Thanks for all the advice! I’ll talk it over with my family.

[escapist]

There’s no lease agreement at this point, it’s just month-to-month. Since the mortgage is payed off, my mom is cash flow positive with what the tenants are paying. There’s also the possibility that we may want to move into the place at some point next year. If so, maybe it would make sense to lower their rent and let them stay until we’re ready to make the move?

Thanks for all the advice! I’ll talk it over with my family.

[escapist]

There’s no lease agreement at this point, it’s just month-to-month. Since the mortgage is payed off, my mom is cash flow positive with what the tenants are paying. There’s also the possibility that we may want to move into the place at some point next year. If so, maybe it would make sense to lower their rent and let them stay until we’re ready to make the move?

Thanks for all the advice! I’ll talk it over with my family.

[EconProf]

Long time landlord here. You’re screwed.
By letting them get weeks behind in paying rent, they now have even less incentive to pay up. If you give them a break with a rent reduction, you are showing weakness, and they will soon be back to you for more favors. The time to negotiate was as soon as their rent did not come within the (presumably) five-day grace period. At that time you could have traded, say, a 7-day move out period for some cash immediately & a release from the remaining time in the lease (or month, in the case of month-to-month rental). Just get it in writing and this will suffice to modify your existing rental agreement. Then no need to serve a 3-day notice, just go right to unlawful detainer at end of 7 days. Warn them on day 6 you are going to do this.
Every time I’ve shown mercy in the past, I’ve regretted it. But I’ll probably do it again because I’m a slow learner.

[EconProf]

Long time landlord here. You’re screwed.
By letting them get weeks behind in paying rent, they now have even less incentive to pay up. If you give them a break with a rent reduction, you are showing weakness, and they will soon be back to you for more favors. The time to negotiate was as soon as their rent did not come within the (presumably) five-day grace period. At that time you could have traded, say, a 7-day move out period for some cash immediately & a release from the remaining time in the lease (or month, in the case of month-to-month rental). Just get it in writing and this will suffice to modify your existing rental agreement. Then no need to serve a 3-day notice, just go right to unlawful detainer at end of 7 days. Warn them on day 6 you are going to do this.
Every time I’ve shown mercy in the past, I’ve regretted it. But I’ll probably do it again because I’m a slow learner.

[EconProf]

Long time landlord here. You’re screwed.
By letting them get weeks behind in paying rent, they now have even less incentive to pay up. If you give them a break with a rent reduction, you are showing weakness, and they will soon be back to you for more favors. The time to negotiate was as soon as their rent did not come within the (presumably) five-day grace period. At that time you could have traded, say, a 7-day move out period for some cash immediately & a release from the remaining time in the lease (or month, in the case of month-to-month rental). Just get it in writing and this will suffice to modify your existing rental agreement. Then no need to serve a 3-day notice, just go right to unlawful detainer at end of 7 days. Warn them on day 6 you are going to do this.
Every time I’ve shown mercy in the past, I’ve regretted it. But I’ll probably do it again because I’m a slow learner.

[EconProf]

Long time landlord here. You’re screwed.
By letting them get weeks behind in paying rent, they now have even less incentive to pay up. If you give them a break with a rent reduction, you are showing weakness, and they will soon be back to you for more favors. The time to negotiate was as soon as their rent did not come within the (presumably) five-day grace period. At that time you could have traded, say, a 7-day move out period for some cash immediately & a release from the remaining time in the lease (or month, in the case of month-to-month rental). Just get it in writing and this will suffice to modify your existing rental agreement. Then no need to serve a 3-day notice, just go right to unlawful detainer at end of 7 days. Warn them on day 6 you are going to do this.
Every time I’ve shown mercy in the past, I’ve regretted it. But I’ll probably do it again because I’m a slow learner.

[EconProf]

Long time landlord here. You’re screwed.
By letting them get weeks behind in paying rent, they now have even less incentive to pay up. If you give them a break with a rent reduction, you are showing weakness, and they will soon be back to you for more favors. The time to negotiate was as soon as their rent did not come within the (presumably) five-day grace period. At that time you could have traded, say, a 7-day move out period for some cash immediately & a release from the remaining time in the lease (or month, in the case of month-to-month rental). Just get it in writing and this will suffice to modify your existing rental agreement. Then no need to serve a 3-day notice, just go right to unlawful detainer at end of 7 days. Warn them on day 6 you are going to do this.
Every time I’ve shown mercy in the past, I’ve regretted it. But I’ll probably do it again because I’m a slow learner.

[Anonymous]

I agree, as a property manager for a decade I’ve only seen tenant’s dig thier way out of a hole via a legal stipulation agreement prepared by the attorney.

You are better off in the long run to get them out sooner than later and find a new paying tenant; Even if you have to lower the price to re-rent. just one month of lost rent is 8.3% of the year. So if you loose just one month vs. lowering 5% it’s a net sum loss. And just from my daily antedoctal point if view, rents are down slightly this year.

[Anonymous]

I agree, as a property manager for a decade I’ve only seen tenant’s dig thier way out of a hole via a legal stipulation agreement prepared by the attorney.

You are better off in the long run to get them out sooner than later and find a new paying tenant; Even if you have to lower the price to re-rent. just one month of lost rent is 8.3% of the year. So if you loose just one month vs. lowering 5% it’s a net sum loss. And just from my daily antedoctal point if view, rents are down slightly this year.

[Anonymous]

I agree, as a property manager for a decade I’ve only seen tenant’s dig thier way out of a hole via a legal stipulation agreement prepared by the attorney.

You are better off in the long run to get them out sooner than later and find a new paying tenant; Even if you have to lower the price to re-rent. just one month of lost rent is 8.3% of the year. So if you loose just one month vs. lowering 5% it’s a net sum loss. And just from my daily antedoctal point if view, rents are down slightly this year.

[Anonymous]

I agree, as a property manager for a decade I’ve only seen tenant’s dig thier way out of a hole via a legal stipulation agreement prepared by the attorney.

You are better off in the long run to get them out sooner than later and find a new paying tenant; Even if you have to lower the price to re-rent. just one month of lost rent is 8.3% of the year. So if you loose just one month vs. lowering 5% it’s a net sum loss. And just from my daily antedoctal point if view, rents are down slightly this year.

[Author]

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