well, with a little luck some of his tenants will burn a few houses down for him so he'll be unencumbered and able to move on to bitching about some other non issue in his life.
I for one look forward to every "expert" word out of his mouth.
Every July; Seems like it's 'free 5 days rent' month, and I'm sick of it
- Thread starter docmirror
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I for one look forward to every "expert" word out of his mouth.
docmirror
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Cowboy - yeehah!
That would work for me. I have them insured. As long as we are in agreement that the burning is not endorsed, or supported by me, burn baby burn.
You're not the only one learning from the "expert".
Whom are your quoting? "" I didn't see anyone mention that previously.
Tflhndn
Pre-takeoff checklist
This is why I have a job managing rental properties for others.
In the end, the job is like dealing with children. Set the rules and enforce the rules. If they don't want to follow the rules, they end up living somewhere else.
The only reason I have been able to continue as a property manager is because of one trite, yet brilliant piece of advice I was given at a time I was ready to sell everything I had and quit...
Every time a tenant does something that makes your blood pressure go up, figure out a way to make money on it.
Late fees, court filing fees, no show fees, repairs due to lack of tenant maintenance fees, etc.
Sounds simple and stupid, but it sure makes it easier to smile when they spin yet another convoluted story about why their rent is late.
And I don't know why either, but July is even crazier than January for late rent payments.
In the end, the job is like dealing with children. Set the rules and enforce the rules. If they don't want to follow the rules, they end up living somewhere else.
The only reason I have been able to continue as a property manager is because of one trite, yet brilliant piece of advice I was given at a time I was ready to sell everything I had and quit...
Every time a tenant does something that makes your blood pressure go up, figure out a way to make money on it.
Late fees, court filing fees, no show fees, repairs due to lack of tenant maintenance fees, etc.
Sounds simple and stupid, but it sure makes it easier to smile when they spin yet another convoluted story about why their rent is late.
And I don't know why either, but July is even crazier than January for late rent payments.
You're pretty smurt.
docmirror
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Cowboy - yeehah!
I just hit two of them with three day notice, including the service fee of $90. One sent me a picture of the overnight from UPS. Unfortunately, it shows the date on the receipt as well as the tracking info. Nice way to provide proof of late payment!
docmirror
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Cowboy - yeehah!
Can't you put me on ignore? I can provide instructions if it's too difficult.
Coming into my thread and emoting all over it with your sniveling about my business is getting boring.
Checkout_my_Six
Touchdown! Greaser!
Attachments
tlrussell
Pre-takeoff checklist
everyone thinks its easy until you have 150K due every 1st and you don't get it. If you want to get out let me know I got rid of everyone of them by lease to own and made a fortune without any repairs or letters...it was awesome.
Tflhndn
Pre-takeoff checklist
Oh, how nice....
Of course not. A true deadbeat won't pay. But once I throw them out I have a way to let them feel my love. ..
I forgive their debt...
And duly report such to the IRS, who is only more than happy to collect taxes on the forgiven debt the following April.
txflyer
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Fly it like you STOL it ♦
One happy day in my life was when we sold our rent home. I'm not landlord material.
People who rent homes (unless it's CA or it's a job transition) are ****ed up some way or another... jmho
People who rent homes (unless it's CA or it's a job transition) are ****ed up some way or another... jmho
tlrussell
Pre-takeoff checklist
Of course not. A true deadbeat won't pay. But once I throw them out I have a way to let them feel my love. ..
I forgive their debt...
And duly report such to the IRS, who is only more than happy to collect taxes on the forgiven debt the following April.
1099C my favorite trick....the warning letter that it is coming gets people with assets really motivated.
Flymeariver
Pattern Altitude
Just where does one who has only been here for two months get such a negative opinion of him? I think this was a bit ridiculous.
txflyer
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Fly it like you STOL it ♦
Checkout_my_Six
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does that trigger an income statement on your end....or some other tax implication?
Tflhndn
Pre-takeoff checklist
Forgiven debt is considered taxable income by the IRS. Which means the debtor is required to include it on their tax returns as income. Which they usually don't. Which means their return gets flagged and usually incurs penalties. Even if it doesn't. It always means the debtor gets less of a tax refund then they were expecting.
poadeleted21
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Never had a tenent pay late on our $1000/no property. Can't recall one that paid on time at a $500 propertt. It just mesmerize me that the one thing folks will neglect is the rent.
wilkersk
Pattern Altitude
I feel your pain there buddy. I spent the better part of my limited time off over the christmas holidays ensuring one tenant had a working washer/dryer, after the one I'd had in that unit crapped out after only 5 years. Then, a few months later, she up and moves with less than 30 days notice, 3 days before I'm set to go away on vacation. The unit sat empty for 2 weeks while I was gone.
Being a landlord sucks! I have properties that are managed for me by a pro. And now, (thank god!) only 1 I manage myself. I can't wait to sell them all and retire!
But, I keep reminding myself that every month, my tenants make my mortgage payments and add to my retirement fund!
tlrussell
Pre-takeoff checklist
In some situations you can restate AGI and write off. Consult your attorney. Most times the letter that it is coming and it's consequences get a call back.
docmirror
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Cowboy - yeehah!
Ok, I'm on a roll. I went out and picked up a check tonight, and the other lady sent me a copy of the UPS overnight and it tracks coming in on Tue. Looks like we're gonna all be copacetic by Wed morning. Just another July, I think I'll do some proactive work next June to see that everyone is on the right page.
Getting an extra $450 in late fees softens the hassle a bit. A tank of gas with some left over for a nice lunch. My BP is back down in the comfy range, and the world is once again spinning in greased grooves.
Getting an extra $450 in late fees softens the hassle a bit. A tank of gas with some left over for a nice lunch. My BP is back down in the comfy range, and the world is once again spinning in greased grooves.
denverpilot
Tied Down
Good lord. I just realized why some in government really want to forgive significant chunks of student loan debt.
azure
Final Approach
Yep, I didn't know that either. Not to mention, it puts a different spin on a certain line in the Lord's Prayer, eh?
warthog1984
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LanCA'r
Some of it is probably just that with the start of summer, memorial day, independence day, and what not... June flies by and eventually people realize the rent is late- but how many people want to tell the landlord that they just forgot to mail the dang check?
Zeldman
Touchdown! Greaser!
Of course the July rent is late.... there are only 30 days in June but my WalMart watch says it is 31 June, so rent is not due until the next day.....
I know, I know.....here's my sign.....
I know, I know.....here's my sign.....
Old Geek
Pattern Altitude
This.
I have customers (mostly ones that have to wait on their payments from various state and federal agencies) that go 60 to 90 days late. I've kept them for years because they always pay. Better someone that pays late than someone that doesn't pay or doesn't do business with me.
James331
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James331
That.
tlrussell
Pre-takeoff checklist
Please don't ever consider being a landlord. Tenants are literally a dime a dozen. Bad ones out...good ones I took care of and stayed. Most eventually bought the unit from me. Took five years but I sold everyone of them not a single loser.
Renters ≠ B2B customers.
Florida Cracker
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Florida Cracker
I've noticed a big increase in eviction actions in Florida over the last three years, or so. We mercifully sold off up our rental properties because I Hated the lies, excuses, vandalism, and general lack of responibility In a large enough percentage of renters to make it a constant pain in the ankle.
our worst renter was a physician who trashed everything he and his bride could trash, then left a note inviting me to keep e deposit check to cover the possibly damaged window blind. That and $6100 more just about covered it, after small claims court.
The stealing, nonpayment, unreported problems, and lack of interest in anything beyond their immediate gratification gotta us until we sold them all off.
I will say we always went after dead beats, and vandals, no matter what.
Gerhardt
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Gerhardt
HOLY CRAP! I never thought about that. I've written off tens of thousands over the years for people I wish I'd done this to.
Although I've got one this year that I think I will. How would I go about doing this? I've never issued a 1099 before.
docmirror
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Cowboy - yeehah!
Yeah, I already addressed the cash flow issue, in that it isn't an issue. This has nothing to do with meeting my debt obligations, and everything to do with getting people who rent from me to make a habit of paying when the rent is due. Cause if you don't get them in the right frame of mind, you'll start seeing checks in mid-month, then end of month, the plus 60, plus 90. And when you go to evict them, the oh-woe-is-me judge is going to look at my lackadaisical attitude on collecting rent as a situation where I can afford it, so it's no big deal. Then, not only am I out the 2-3 months rent, but I also don't get covered for late fees, and the deposit is short.
It's a common theme from people who've done this for a while. I have about 5 real steady tenants who will send it in like clock work. I get a check from one old couple on time for 17 years, actually I get two checks, one from them personally and one direct from their church. I have another woman with three kids that pays on time, every month. She was late about 3 years ago and we found out she sent the check on time but missed the "rd" and switched it to "ct" and the effing local PO threw a fit. She was not charged late fee.
But - there are plenty of 'dog ate my homework' tenants out there that will use any excuse under the sun in July to pay late. I have a suspicion that they blew their meager savings on some kind of holiday extravaganza, or maybe bought a cruise, or new tires for the Datsun, and thus the rent can just wait. It's a working theory, but it could just be they are out at a par-tay over the 4th holiday and figured the rent was low priority.
My favorite shot was the folks who said they were moving out, and decided not to pay the last two months. So, I started UD, and they never showed up for the court case. Default judgment. Fast forward 2.5 years and they are applying for a home loan, and there's a judgment from TX on them. They have to send my lawyer a nice healthy check to close on the house. Yeah babeeeee.
It's a common theme from people who've done this for a while. I have about 5 real steady tenants who will send it in like clock work. I get a check from one old couple on time for 17 years, actually I get two checks, one from them personally and one direct from their church. I have another woman with three kids that pays on time, every month. She was late about 3 years ago and we found out she sent the check on time but missed the "rd" and switched it to "ct" and the effing local PO threw a fit. She was not charged late fee.
But - there are plenty of 'dog ate my homework' tenants out there that will use any excuse under the sun in July to pay late. I have a suspicion that they blew their meager savings on some kind of holiday extravaganza, or maybe bought a cruise, or new tires for the Datsun, and thus the rent can just wait. It's a working theory, but it could just be they are out at a par-tay over the 4th holiday and figured the rent was low priority.
My favorite shot was the folks who said they were moving out, and decided not to pay the last two months. So, I started UD, and they never showed up for the court case. Default judgment. Fast forward 2.5 years and they are applying for a home loan, and there's a judgment from TX on them. They have to send my lawyer a nice healthy check to close on the house. Yeah babeeeee.
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SoonerAviator
I feel like that might be a bit of an oversimplification there. Some people rent houses because they have been through divorces and had credit ruined, etc. Some need the space for a larger family, but don't want the responsibility of home ownership. Some may be renting while they save up for down payments, or simply don't make enough money to afford home ownership. Some don't intend on staying in one area for more than a few years, so why take a loss on buying a house?
Lots of potential valid reasons for renting a home vs buying. However, I will agree that the vast majority of people rent homes because they don't manage their finances very well.
azure
Final Approach
I own a condo in MI, free and clear and I lived in it for 18 years. I never had a problem with finances. My position was eliminated due to the entire state going into the toilet, and now I'm renting in VT while the new gig shakes out, whichever way it's going to go. Once I'm sure I'll be staying i will look for more permanent digs... BUT from what I've learned about VT, there is nothing here I will be able to afford. The issue isn't so much acquisition cost as high property taxes, anywhere from $5K to $20K per annum. At that rate, renting the flat I have now remains attractive.
(Now if I can find a decent condo with lower taxes, I'll take it, but condos/townhouses are much less common in VT than in more urban areas.)
Anyway, there are many exceptions to that rule. So many, that I'd say it fails bigtime.
edited to add (and to remain OT): and I'm about to become a landlord as well as a renter. My condo is going up for rent, managed by an agency. I'm probably crazy, but it's so expensive to live here that the alternative is to sell my ride.
One thing I learned is that for someone in my position, it's hard to get insurance on a rental property. In particular, Liberty wants you to be living in property you own. They refused to even cut me a quote.
(Now if I can find a decent condo with lower taxes, I'll take it, but condos/townhouses are much less common in VT than in more urban areas.)
Anyway, there are many exceptions to that rule. So many, that I'd say it fails bigtime.
edited to add (and to remain OT): and I'm about to become a landlord as well as a renter. My condo is going up for rent, managed by an agency. I'm probably crazy, but it's so expensive to live here that the alternative is to sell my ride.
One thing I learned is that for someone in my position, it's hard to get insurance on a rental property. In particular, Liberty wants you to be living in property you own. They refused to even cut me a quote.
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docmirror
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Cowboy - yeehah!
I've got one going through divorce right now. The wife(ex, whatever) wants to stay with the two kids, and the hubby is moving out. Gonna be interesting.
I have one old couple that have some kind of aversion to home ownership. I don't know what the deal is, the old guy is a bit wacky about stuff, but he's a good tenant so I put up with him. In the years they've been living there they could have bought a house in some areas near where they live now. Not complaining though.
I have one old couple that have some kind of aversion to home ownership. I don't know what the deal is, the old guy is a bit wacky about stuff, but he's a good tenant so I put up with him. In the years they've been living there they could have bought a house in some areas near where they live now. Not complaining though.
Jay Honeck
Touchdown! Greaser!
In Iowa, we had rental units and the hotel.
The rental unit was a college dorm. In practice, we were a bit far from campus, so we ended up renting to a mix of students and "regular folk". Rent was modest, and we ran a tight, clean ship.
I will never, ever, EVER own rental property again. It's great money, but we were sued twice (slam dunked both suits, but the hassle factor was enormous), and the government's involvement with dealing with problem tenants grew each year. Protected classes literally could not be evicted, no matter how crazy, which then causes your good tenants to leave in frustration.
Let me tell you about the black woman tenant who would spend all night in the common areas screaming. She was bat***** crazy, and drove the other tenants to distraction. We warned her multiple times, to no avail. We were so afraid of evicting her that we suffered till the end of her lease, and simply did not renew it.
No matter. Nowadays there are entire government agencies on hair-trigger alert, waiting for people like her to call. First the city investigated us for "discrimination". Finding none, they dismissed her case. Undaunted, she went to the State of Iowa, where she found more fertile ground.
The state sent TWO full time investigators to look into the matter. They interviewed all of our tenants. They interviewed former tenants. They interviewed all of our employees. The report they created was 40 pages long -- and found no grounds for discrimination.
The lady then changed it from racial to mental health discrimination. She claimed that she was "handicapped" and we were discriminating against her on those grounds. Start the process again. We were still fighting this, taking conference calls, etc, after we had moved to Texas!
Of course, we won. There was never any discrimination -- the lady was a clear and present menace to herself and others. But we were guilty until proven innocent, and I will NEVER be in that position again.
It's funny, right now there is a beck and cry for "affordable housing" to be built on our island, and the local government is astounded to find zero interest in building any.
<bang head here>
The rental unit was a college dorm. In practice, we were a bit far from campus, so we ended up renting to a mix of students and "regular folk". Rent was modest, and we ran a tight, clean ship.
I will never, ever, EVER own rental property again. It's great money, but we were sued twice (slam dunked both suits, but the hassle factor was enormous), and the government's involvement with dealing with problem tenants grew each year. Protected classes literally could not be evicted, no matter how crazy, which then causes your good tenants to leave in frustration.
Let me tell you about the black woman tenant who would spend all night in the common areas screaming. She was bat***** crazy, and drove the other tenants to distraction. We warned her multiple times, to no avail. We were so afraid of evicting her that we suffered till the end of her lease, and simply did not renew it.
No matter. Nowadays there are entire government agencies on hair-trigger alert, waiting for people like her to call. First the city investigated us for "discrimination". Finding none, they dismissed her case. Undaunted, she went to the State of Iowa, where she found more fertile ground.
The state sent TWO full time investigators to look into the matter. They interviewed all of our tenants. They interviewed former tenants. They interviewed all of our employees. The report they created was 40 pages long -- and found no grounds for discrimination.
The lady then changed it from racial to mental health discrimination. She claimed that she was "handicapped" and we were discriminating against her on those grounds. Start the process again. We were still fighting this, taking conference calls, etc, after we had moved to Texas!
Of course, we won. There was never any discrimination -- the lady was a clear and present menace to herself and others. But we were guilty until proven innocent, and I will NEVER be in that position again.
It's funny, right now there is a beck and cry for "affordable housing" to be built on our island, and the local government is astounded to find zero interest in building any.
<bang head here>
guardrail
Pre-takeoff checklist
When his bills are due or what his cash flow situation is aren't relevant. When he'll receive money from the people using his property under an agreement to pay on the first, is. Pretty simple
I've got one tenant that pays before the 1st every month, like clockwork. Got another that is constantly late but pays. They come up with the most bizarre excuses...thankfully they never complain and generally do end up paying before the month is out. They just pay the late fee consistently, I guess I don't charge enough.
bigred177
Cleared for Takeoff
Coming from Texas, I understand high property taxes. I've heard people say this before but it confuses me. The landlord that owns the property has to pay those same taxes, so they're being passed on to you anyway. I don't know of many landlords who would charge less than their mortgage+taxes.
If you require an >800 fico to rent your property you wont see many issues with late checks.
bnt83
Final Approach
How many properties will sit empty?
Checkout_my_Six
Touchdown! Greaser!
Well....I have seven rental homes and try very hard to weed those out with my highly sophisticated screening process.
....and that's not my experience.
Acceptable reasons to rent:
* Young couple saving to purchase a home
* old/retired couple who don't want up keep hassles and worries
* transients new to the area will rent for several years before purchasing
* transient military types....don't want the hassle of buying and selling
* couples shacking up.....don't always want to purchase.
I've had several of each from this list and all were great tenants......
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Outside of NYC: Pretty much all of them.
I am actually a renter, my landlord is a corporation and they have fairly high standards on who they rent to. It's pretty much grad student and faculty housing. No undergrads, no room-mate setups. I chatted with the manager a while ago and they have very little issues with timeliness of rent payments.