I have a tenet who has rented from me for the past 2 years but recently had a stroke. They said they will be going on disability but they will only be able to pay part of the rent. I do not want to lose them but the mortgage has to get paid. What would you do?
This is one of those times being a landlord is a really tough job . Look You must remember you have a business to run . You must eat too and keep the wolves away from the door . I’d talk with him and his family . Tactfully Explain that with taxes insurance water garbage mortgage etc you need solid income or it’s not going to work . Request they look into finding financial aid or programs which may help subsidize the rent . But you must be firm that the full rent is expected and not paying it will result in him having to leave because you have to keep the house and you can’t do that if he doesn’t pay . There is no room for emotion when it comes to these matters . Be understanding *but very clear to them that you will not accept partial or late payments .
Thanks Dennis! That's what I needed to hear.