Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
I have a great tenant , 23 year old guy . Just texted me telling me he wont have the rent on time . He has a car payment and rent and doesnt have enough for both . I have to believe his excuse . He is in the Coast Guard . They are part of the Gov shut down. He is never late , he called to let me know , and he keeps the place spotless . I told him I will work with him . It goes against all rules of landlording , but he is a good kid he has always been straight with me .
Fort Polk, LA · Member since 2018 · 41 posts · 47 votes
7y
@Matthew Paul
I knew coast guard wasn't in the department of defense, but I didn't think their pay would be affected by the shutdown.
Army is still getting paid, i think coast guard is department of homeland security.
That's one thing I can agree with you on and would do the same in that spot.
believe he may have been referring to not imposing a late fee which dos go against the rules of land lording and is a bad business decision. One which we all know new landlor regularly ignore.
Rental Property Investor · south Alabama · Member since 2018 · 121 posts · 88 votes
7y
I think the fact that he gave you advance notice he couldn’t pay shows he at least has some respect for you as his landlord. Many tenants won’t say anything, they’ll just be late and dare you to evict them.
As for others mentioning priorities (car over housing), renters aren’t going to be the same as someone with a mortgage. Someone with a mortgage knows they may not get another one, so they are more likely to let the car go. Renters know they can always just rent another place so why ruin their credit with a car repo.
Having compassion for people is an attribute not a hinderance.
In this business compassion can and does often lead to major financial losses. It is very much not a business attribute.
Renters know they can always just rent another place so why ruin their credit with a car repo.
Exactly right, many tenants have zero respect or consideration for landlords. Landlords must always keep this at the forefront when making decisions regarding tenants. Always keep the best interest of your business front and center when making "compassion" based business decisions. Emotions always cloud decisions and will very rarely produce results better than non emotion based decision.