what makes the most sence to boot a tenant from always paying rent 1-2weeks late OR getting a new tenant,,,but with that you have to do alot of maintenance...what u think?
2007-02-03 01:55:01 · 6 answers · asked by lil420grlll 1 in Business & Finance ➔ Renting & Real Estate
I would probably keep them, as long as you are consistently getting the money, just be sure to keep charging your late fee.
We have a tenent that skipped August all together, but has paid every other month within the first week. It doesn't make sense to me to have the apartment vacant for 3 months to find a new tenant over 1 month of rent.
As for the maintenance, you could do it in small doses while your tenent is still living there, so that the apartment is ready when/if he finally stops paying, or you decide to boot him.
2007-02-03 02:09:57 · answer #1 · answered by ? 5 · 1⤊ 0⤋
I am a Property Manager, a duty/ obligation of your lease agreement is that the lease is paid up to date at all times (preferably 2 weeks in advance).
I would not be happy with you as a tenant always being 2 weeks late.
With late rent payemnts you can get a Breach notice in which you have 14 days to rectify or a 7 day termination notice...
I would suggest that you always have your rent paid in advance by about 2 weeks, then if you forget for a few days or a week you are still in front!
If you are considered a "bad tenant" you can be placed on a "National Tenancy Database"which all Real Estate Agents have access to and you may be listed as a bad tenant making it almost impossible or very difficult for you to ever rent again. This record will stay with you.
I would suggest- get your act together!!!!!- or you'll have a pissed off Property Manager!
2007-02-03 02:15:59 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Consider it this way.
One month of lost rent is most likely the case when you "boot" tenant. Let's say your current tenant pays $650.
The loss of one month. Plus the cost of repairs. Let's say you spend a meager $500. on repairs. Your total cost to boot is now $1150.
If you can raise the rent to $700. then you will make up for the 1150. by $50 each mo.
It will take you 23 mo to recapture your costs. THAT's IF you can raise the rent by $50.
I like to work with a late payer. Get them caught up to paying just a tad earlier each month. Find out when is the payday and stop by on payday and ask for some money from his on each payday.
Once he's caught up and paying on time then you can let him roll along. If he gets late again. start charging the late fee you deserve.
Best of luck, I always say, "Tenants and Toilets are a Terrible combo."
2007-02-03 02:27:24 · answer #3 · answered by Anonymous · 1⤊ 0⤋
well it would make the most sense to boot the tenant. they signed the lease stating on which day the rent is due, should they break that contract, they need to get evicted.
2007-02-03 02:02:38 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It depends on the lease agreement. Frankly, I wouldn't be really excited about either tenant.
2007-02-03 02:03:13 · answer #5 · answered by Anonymous · 1⤊ 0⤋
The point that seems to be forgotten is that the mean, nasty, creepy old landlord needs to make payments on the building you are in. Those have to be payed on the first of the month or they come out of his pocket.
2007-02-03 02:26:54 · answer #6 · answered by Anonymous · 1⤊ 0⤋