Hands On Real Estate Investing

We have a one bedroom condominium with a tenant who has been renting from us for 8 years. She is a 33 year old single professional who has paid her rent on time. She rarely calls or complains, so we don’t increase her rent at the rate in inflation. As a result, her rent is about $200 below market. In early December, she emailed that her grandfather died unexpectedly. She had to buy a full-fare airline ticket to Texas, so her rent would be late. We told her that was fine, but to make sure to send the $40 late fee with her December rent. She said she could half of the rent now, and the remaining half later. We approved.
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When You Like Tenant Who Is Behind on Rent! We have a one #bedroom #condominium #rentedout to a long-term #tenant — 8 years! She has a record of paying #rent on time & rarely complains about anything however she is a month behind. We really like her & want to work with her but if she gets too far behind it will be difficult to catch up … #landlord #landlords #property #propertymanagement #propertymanager #propertymanagers #rental #rentals #rentalproperty #rentalproperties #realestate #realestateinvestor #realestateinvesting #realestateagent #realestateinvestments #realestateinvestment #investmentproperty #investmentproperties #tenants #tenantappreciation Check for updates at handsonrealestateinvesting.com/?p=3780

A post shared by handsonrealestateinvesting (@handsonrealestateinvesting) on Dec 30, 2017 at 7:16am PST

Three weeks passed, and no sign of the half of rent that she promised. We emailed her and she said she mailed a Walmart money order. We told her we didn’t receive it, and advised that she notify Walmart that the money order was lost. Since we were closing in on the end of the month, we asked her to let us know when she had the full rent and late fee, and we would stop by to pick it up. We didn’t want her to use the “check is in the mail” excuse to buy a few more days.

After a week, we received a check from her bank that was $30 less than half of the rent. She is obviously having financial difficulty. We are becoming more concerned because we have learned that it is very difficult for tenants to catch up when they are a full month behind in rent. Up until this point, we have been emailing her, but we have now decided that it is time to send a formal, certified letter.

Check back for updates as we work through the process. We really like this tenant, but business is business … Do you have any tips for working with tenants who are having financial difficulty? If so, please share your tips:

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.