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Updated about 8 years ago on . Most recent reply

What is the longest youve gone with out rent?
Now this might be a hard question for some people to answer honestly, because of course we are all perfect landlords who file as soon as our tenants are late. :)
I was really pushing it, as of yesterday I had a tenant who still owed me the majority of Februarys rent, as well as March and Aprils...but they got me February and Marches rent. So they were 3 months behind just about.
Whats the longest youve let your tenant slide?
- Russell Brazil
- [email protected]
- (301) 893-4635
- Podcast Guest on Show #192

Most Popular Reply

I don't let it go past that month. Otherwise you have what is referred to as a snowballing effect.
Example those who file bankruptcy maybe only 10% finish the plan and get discharged 3 to 5 years later. The rest gets dismissed sometime during filing or the repayment plan.
The reason is simple. If they cannot pay a regular mortgage payment then they sure can't sustain long term monthly mortgage payment and BK payment on top of that.
Same with a renter. If you have late fees and it goes past that month then next months is due. They keep paying partial and partial and before you know it they are thousands behind in rent or worse. Then you go to court and the judge might say you have agreed to a repayment plan structure even though nothing official in writing as you have accepted partial payments as rent.
- Joel Owens
- Podcast Guest on Show #47
