All Forum Posts by: Rick Bassett

@Mindy & @Melissa Gittens - yes, yes & yes.

We actually trained her last year to pay by the 1st each month but now 3 months into this renewal she's paid on the 12th, the 10th and now 1/2 on the 10th. It seems as if she's trying to train me to accept late payments.

This is will cost me $1000 - $7500 depending upon how much she fights but it's time to rip the bandaid off.

Rick

@Mindy -  they are problem tenants in terms of pushing the payment to the 10th of each month instead of paying on the first but in Connecticut they know that they can get away with that.   .

We just served a long-term and problematic tenant with a three day notice to quit for non-payment of rent, she was shocked and appalled to be served a summons by a Marshall. She was especially mad because as she thought we had an arrangement. Her vision of the arrangement was she put half of the rent in an envelope on the 10th along with a note saying we would get the other half on the 23rd even though the rent is due to us by the first. Before serving her we attempted to reach out via text, email and voice but she wouldn't take our messages or return them. We always try to work something out before invoking the nuclear option. We stuck to our processes regarding this situation but it's never really easy especially when someone has been in your property for almost 4 years. Now we'll see how the move out and/or evection process unfolds....

We just sold a SFH house that we owned for only 2 years, this was the first property that we sold in nearly 30 years.

We are big proponents of Buy & Hold but we bought this one right, put a lot of expensive higher-end upgrades in it and rented it profitably for the past 2 years. It was a smaller 2 Bed / 1 Bath house on a very busy street with a crappy lot. We did a FSBO with ideal buyers.

We decided to take the money off the table along with a tidy $50k profit and put it into another B&H property of similar size and scope in a better area that commands higher rent. We didn't do a 1031 as cost wise it didn't make sense.

It was a big decision to sell as it runs counter to what we do but it was the right decision. We may do another one in 2017.

Rick

Welll she is late every month. The rent is due by the 1st but she rarely pays until the 10th as she can get away with that in CT.

All, We have a property that we want to increase the rent by $100-$150/mo when it comes up as its under market. The current tenant has been in there for 3 years and is always right at the last day of the grace period with her payment, she struggles to make the current payment of $1750 and is probably at her max. I know she will say she wants to stay and will agree to an increase but I doubt she can afford it. I'd like to treat her like a prospective tenant and require a new application to have a better look at her finances. Is it reasonable to have her reapply for a place that she is already living in? Rick

If they can't pay now, they won't be able to pay later. No move-in money means they don't move-in. Refund them what you're required to and find a better tenant.

I wish I was told to start younger, like in my mid 20's, rather than figuring it out at nearly 50 years old. While the current portfolio is very good, it would've been amazing if I started my earlier.

 @Robert Graham - we always explain the terms of our ad while screening and while it stops some from coming it doesn't stop the truly determined (or desperate) from showing up and giving it their college try.

@Lacey S. The trick is just to stay firm on your rental rules and not to show weakness for even a minute when they try to push you. 

Rick

For that kind of money, I'd fix it and rent it out.