Updated over 5 years ago on . Most recent reply
Tenants taking advantage of my kindness
I closed on a duplex in Jersey City On June 1st with a FHA loan. My first property! First off thanks to BiggerPockets - if it wasn't for BP, I would of still been a wannabe Real Estate Investor.
I was planning on occupying on the second floor unit.
I recently loss my job due to COVID. Therefore, financially it only makes sense for me to turn this property into a full rental because it will then cash flow positive and can give me a cushion to fall back on in case I am not employed again soon.
There are Tenants on the first floor property whose lease is up Feb. 2021. They are late with June’s rent payment. They claim that they are having issues due to lack of work because of COVID and the protests. They made two “promises” that they will make the payment (or at least a partial payment) by a given date. I have been very lenient , mainly due to my inexperience and the current situation.
If this were you, what would you do?
Most Popular Reply
#2 General Landlording & Rental Properties Contributor
- 11,577
- Votes |
- 14,885
- Posts
#2 General Landlording & Rental Properties Contributor
@Emmanuel Rosario Assuming they are telling the truth, ask them what their plan is to pay. Can they pay part of the rent now and part in 2 weeks? This is not ideal, but if they managed to pay for March-May, it is probably the best you can do and gets some money in your pocket. I'd also serve them with notice to pay or move, so should they fail to pay and you are able to evict (or when your state lifts bans) as soon as possible.