All Forum Posts by: Christian Bors

 I completely agree with you. This tenant habitually pays on the 4th or 5th of the month. At this point, I am pretty sure the tenant believes the rent is due on 5th. Needless to say I learned to make sure my lease states rent is due on the first late on the second, waiver of notice to quit and I have to option to file the eviction on the 2nd. I also give other units a "discount" usually 50$ if the rent is paid on the first or earlier. This has dramatically improved the timing my other tenants pay their rent.

@Marcia Maynard great tip on checking utilities. The only utility this tenant pays is electric but I'll definitely make a call today.

@Aly W. as far as an update, I told the tenant I appreciate the communication and thanked her for being a good tenant so I am willing to work with her. However, I told her I will be posting a notice to quit and filing an eviction on the 17th if the rent is not paid in full. I asked her how she expects to pay for NOv. rent and if she is anticipating an issue. She responded saying there won't be a problem making novmebers payment. I'm not sure how much she makes since I inherited her, but I suspect it can't be too much. I will have to monitor the situation.

 When you say start the eviction now, do you post the notice to quit or actually do the filing? I haven't been through an eviction so still learning. If you could elaborate that would be great. I'm about to check out a couple of bp blogs on eviction process so I can get caught up.

@Daria B. So a couple of things. First, I bought this property about 15 months ago. She has been living at the property for 16 months. Her explanation was she got a speeding ticket which needed to be paid today! I will say this was my first tenant, so I did not do a great job setting expectation. For example, rent is due on the first and considered late on the 5th. Well basically I get paid around the 4th or 5th of every month. For my other properties, I have structured things differently.

@Aly W.This tenant pays religiously around the 4th or 5th of every month. However, that is caused by my own doing. Since the lease says rent is late on the 5th, she has only been late once. The property is 3rdfloor apt so it’s more difficult to rent than usual, however it’s in a great neighborhood. I imagine I could get it rented within a month without a problem. I really like your suggestion about asking her how she expects to pay the following month. She is a nice person, and I would like to work with her. However, if things become difficult I want to be prepared to handle the situation as quickly as possible.

@jr Thanks for the response! I was hoping someone would explain in detail what I should do. I agree, I will tell her she can pay on the 16th however I will be posting a pay or quit notice so the eviction can take place on the 17th. I am concerned about future months, but I will speak with her to figure out her plan. I would like to avoid the eviction, however if I have too, this will be my first one and I am sure I will learn a ton

@JR T.undefined

I am responding from my phone so it's a little bit difficult. Apologizes for the errors 

So I have a tenant who sent me a text message asking if she could pay $300 dollars now, and another $ 300 on the 16th plus the 25$ late fee.  I inherited the tenant over a year ago and she has been very good.  Hasn't complained, and besides one other late payment (last December) she's been great.  However, I am starting to get worried.  What should I do?  If she gets paid on the 16th, the following pay day will be the 30th.  So she will owe another 600 which I'm assuming would be the majority if not all of her paycheck.  What does BP recommend?  Thanks in advance.

Is there a "seasoning period" in order to get a HELOC on a rental? For example, I own a property free and clear that's worth roughly 90k. Do I have to wait 6 months before a lender will consider doing a HELOC?

so you're looking for a handout? Come on, this business is about the grind. If it was that simple, everyone would be wealthy. However, you are on Bp which is a great place to start. Good luck.

@Bryan O. ok so it's an extra precaution. I can see the value. You are basically trying to protect yourself from someone who knows how to work the system. I like the idea, seems a bit excess but I think I will do something similar.

I spoke with the tenant and they are bringing the 1500 deposit tomorrow (cashier check).  They said they are going on vacation in a week and would like to wait until next pay period to pay for Oct's rent.  I'm fine with collecting the rent on the first.  Honestly coming up with 2500 a month prior to the move in date is probably difficult for most.  I agree with @Tanya F., collect the deposit and when they give 1st month's rent on 10/1 I will hand them the keys.  However, I think I will have them sign a separate piece of paper stating if they do not come up with 1st months rent on OCT 1st they forfeit the security deposit.  

@Bryan O. what's the point of the binder?  If the lease states they forfeit the security deposit if they change their minds, what else do you have to worry about?  You don't have to evict them, they changed their minds.  Also, they don't have the keys to the house so how can the move in?

@Michael Noto thanks mike!

@David Krulac good point