I may be in the minority and as a small landlord it is easier but I tend to be flexible with good tenants who have the occasional struggle. I'd ask them if this is a short term thing or if they feel the place is no longer affordable and if no longer affordable let them out of the lease. If this is a one off I'd work with them, get an addendum in writing as to how and when they will catch up. I had one tenant who on a few occasions would pay whatever they could afford for the present month and spread the rest out over the following 3 or 6 months. They always paid as agreed upon. It didn't hurt me financially, I kept a good tenant and felt like I was doing the decent thing as a human being.
I may be in the minority and as a small landlord it is easier but I tend to be flexible with good tenants who have the occasional struggle. I'd ask them if this is a short term thing or if they feel the place is no longer affordable and if no longer affordable let them out of the lease. If this is a one off I'd work with them, get an addendum in writing as to how and when they will catch up. I had one tenant who on a few occasions would pay whatever they could afford for the present month and spread the rest out over the following 3 or 6 months. They always paid as agreed upon. It didn't hurt me financially, I kept a good tenant and felt like I was doing the decent thing as a human being.
I may be in the minority and as a small landlord it is easier but I tend to be flexible with good tenants who have the occasional struggle. I'd ask them if this is a short term thing or if they feel the place is no longer affordable and if no longer affordable let them out of the lease. If this is a one off I'd work with them, get an addendum in writing as to how and when they will catch up. I had one tenant who on a few occasions would pay whatever they could afford for the present month and spread the rest out over the following 3 or 6 months. They always paid as agreed upon. It didn't hurt me financially, I kept a good tenant and felt like I was doing the decent thing as a human being.
If they have been a long term tenant and paid on time, work with them. Come up with a payment plan, but tell them they need to stick to it. I've had tenants who were paid twice a month. they asked if they could pay half the rent on the 1st and the other half on the 15th-I didn't have a problem with it, so said yes.
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
1y
I understand having financial difficulty. My issue is are you really the person who should be helping the tenant with their financial struggles? Do they have family? Friends? Belong to a church?
Recognize your generous, kind actions will not always workout the way you (and everyone) desires it to. Many times people think they can recover but cannot.
If someone provides a schedule and has got behind, what makes you believe they can recover the schedule when so far they have been unable to meet the schedule? Hopefully you understand the analogy. It usually does not happen. It has little to do with their intent.
if you take the generous, kind, lenient route, recognize it can cost you. I am not going to tell you take the heartless, firm approach as that is your decision but I want you to recognize the risks. The risk of this not working out is not low.
During Covid, I indicated I would not evict anyone who could not pay rent due to real COVID impacts. As it happens the local legislation forbid anyone evicting for missed payments. I knew I would be paying the price but I knew I could afford to. I had 2 tenants request reduced rent due to reduced income. It resulted in a slight reduction of my collected rents. Make sure you understand the repercussions of your decision and that you are ok with those repercussions.
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
1y
I have one building in a lower class area probably will sell it soon actually. I tell people I waive the first time being late but that’s it. I’ve found once someone is more than 2 weeks late they usually aren’t getting caught back up. Gotta start eviction asap and once people get the papers they leave on own.
Oftentimes, in this biz (and especially with self-managers), kindness is mistaken for weakness. I cannot think of any "financial emergency" - besides a complete job loss without unemployment benefits - a tenant could have that preclude them from paying their rent. Utility providers have payment plans. Airfare and funeral costs can be paid via credit card. It's not that they don't have the money to cover the rent, it's that they do not respect you enough to pay you FIRST in their monthly expenses. They take the roof over their head for granted because they think you will not play hard ball. You need to set expectations and raise their level of concern that there will be immediate consequences if they get more than a few days behind on their rent. You want to incentivize them to move you up on their priority list.
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
1y
Depends on how long they've been a "good tenant." If you are a couple years in, I'd give them some grace and work on a payment plan with them, but being clear that if they fail to perform, you'll have to serve them a 3 day notice and react accordingly.
If they're less than a year in, I'd do the same thing, but serve the notice now and start working on eviction- you can always stop if and when they get caught up.
Every situation is different and I am all for giving people grace when they are struggling, but keep in mind, many, many people will see your kindness as weakness and take advantage of you. These "good" tenants and turn in to awful ones really quickly if they think you are spineless, so be kind, but firm and do exactly what you say you will do if they don't follow the plan. No extra time, no new payment plans.
@Albert Johnson Sorry to hear that - tough situation. Since they’ve been reliable before, I’d start with open communication. Ask for a clear date on when they can pay and put it in writing. A short payment plan or one time grace period can preserve goodwill while keeping structure. Just make sure to stay consistent with your lease terms and document everything.
A historical on time paying tenant that has told you of a life issue beforehand is drastically different than the habitual late payer that always has an excuse. However the process can be very similar. If you post the pay or quit paperwork right away they have the opportunity to get assistance. If they communicate a plan to get caught up then waive the late fees for the good payer, problem folks get to pay late fees