I heard back from the non-paying tenant. She will pay $500 cash today toward last month. As of today she owes (assuming she pays cash at 6:30)$2,485. In the message I left her stating pick up time, I asked for a written plan/timeline as to how she plans to become current with her rent. It will be interesting. DH thinks we should see what her plans are before we decide to not renew her lease. I agree; however, being the worrier that I am I feel as though I need to plan for the worst.
DH's salary is enough to cover our basic living expenses (mortgage/utilities/simple food/clothing). Also minimums on the credit cards. This month we will have saved $500 - $400 for retirment and $100 into HSA. So there is room for additional money should we suspend/alter those contributions.
I am trying to plan for several months NO RENT should we decided to get rid of tenant A and opt for a go around with new tenants. There are several houses comparable in the area already FOR RENT so DH thinks it might be best to work with the tenant we have. I am not sure of this.
Worse case scenario - I don't receive another dime in rent this year - my deficit would be $4K - I suppose that DH's irregular salary from side jobs would be roughly $2K to $3K so I would have to take $1K to $2K from savings to pay the last installment of real estate taxes and Cathoic school tutition.
I feel somewhat better, but not sure I am completely fiscally comfortable.
The Non-Paying Tenant - Part II
June 20th, 2008 at 03:46 pm
June 20th, 2008 at 06:27 pm 1213982868
June 20th, 2008 at 09:32 pm 1213993931
June 20th, 2008 at 11:43 pm 1214001802
interview property managers today! get one with a big company that handles many rentals not a small company good luck
June 21st, 2008 at 12:28 am 1214004486
klbb, that is a great idea to see what the actual interest in renting is.
thanks!
June 21st, 2008 at 06:44 am 1214027065
if nothing else i would not renew the lease with a nonpaying renter
unless she gets current before the end of the lease
I hope the best for you and i hope you got your 500 bucks
June 25th, 2008 at 11:08 pm 1214431701
August 30th, 2008 at 05:54 pm 1220115270
October 29th, 2008 at 04:19 pm 1225297150
I think having a property manager def helps with the headache, but when you're not netting much it can really eat away at your profits.
If you haven't already I'd contact her and tell her to meet with you and explain why she isn't paying, and to determine a plan of payment. If she fails to meet you half way, you really shouldn't waste anymore time and money on the situation.
Just my 2c.