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My tenant can't pay her rent! Need to rework the budget -

June 19th, 2008 at 09:00 am

I responded to a post earlier stating my tenant always paid her rent on time (well, within the two week frame). Well, my tenant has bounced her rent check (did it last month, blamed it on a snafu with her transfers from savings to checking, paid in cash two days the rent plus the fee my bank charged)again.

She left a message on Monday stating she wanted to use the security deposit as rent and then pay late next month's rent. I said the first is not an option. I left a message (Monday) and said I needed to know what portion of rent could be picked up Tuesday. No return message - haven't heard from her at all. I did leave another message today stating that I need to hear from her today.

I paid off tons of bills, made a dent in the credit card debt, was feeling really good about things. This throws a monkey wrench into my plans.

My husband's salary covers our regular expenses - however, I didn't account for *no* rent and got our checking account down to almost nothing.

I WILL NOT use my credit card to cover expenses. I have weaned myself of using it for "points".

DH gets paid next Friday - he will also be paid for a painting apartment job he's finishing this weekend. I will have enough for the mortgage payment and all bills. My challenge is to get through to next Friday (eight days) on the cash we have (when all checks clear I will have $26 in the checking accout).

I have $100 cash - I have budgeted $30 for gas ($15 for each minivan as both are on E) and the $50 for groceries. My cupboards are somewhat bare - but I'll be hitting the buy one, get one free at the one store and will hit Aldi's for all else.

I'm driving today (not tomorrow) so will hit the library and kids consignment store (drop offs)

Lesson from this: Never completely count on someone else's money to add longevity to your budget.

I do have a $1000 EF and short-term savings of 3 months living expenses. This doesn't exactly qualify as an emergency, just a reworking of the budget pots.

6 Responses to “My tenant can't pay her rent! Need to rework the budget -”

  1. gamecock43 Says:

    oh im sorry. looks like it will be a stressful month for you.

  2. creditcardfree Says:

    Sorry to hear you've been put in a tight spot. How quickly can you get her out and rent to someone new?

  3. Aleta Says:

    I have found that getting first, last, and security can be a problem in itself. They always want to use the 2nd month and then sometimes don't move out until later on in the month knowing that they still have security money. It's much easier to have a first and a large security deposit that equals 1 months rent plus extra for damage. That way, you are renting month to month and they have to come up with the rent money or you send them a notice to pay or quit.

    As soon as people move in, you have to give them a sheet with rules on it and make them check each one off and sign it. Included in their is what they will have to do in order to get their deposit back. My son even had to replace burned out bulbs and stove plates.

    Good luck. It's not easy being a landlord.

  4. baselle Says:

    Boy I hear you! If you have a great tenant, you need practically no rules, and if you have a bad tenant, no rule will help. Our rental management agency that we pay rent to has a 4 day grace period, so you'll probably want to rethink that 2 week one for your next tenant.

  5. Alia Says:

    I am having the same problem....my tenant just informed me that she cannot pay rent. We can use her deposit for the rest of the month...but what a pain in the a$$, and a thorn in my side regarding money! You are not alone!

  6. Aleta Says:

    Alia: It's important that after a 4-5 day period that you send a letter (certified) and to tell them to pay or quit. Delaying that part of the landlord request would hurt you in a court of law because you let them by without sending them a letter and you became lax in what you expected from them.

    The important thing is to get the ball rolling as soon as possible because they may use that deposit and more of another month to move.

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