So – this is going to be a short article by my standards, but I feel rather passionate on the subject and thus – here we go…
I made an immediate and border-line impulsive decision to give a tenant a month free of rent the other day. And, I feel so OK with doing it that I am actually a little bit surprised.
When I did it, I thought to myself – this is really out of character for you Ben; I hope you know what you are doing… It certainly was out of character for me. I never mess around with things like this. If someone is late on their rent payment; they immediately receive a 3-Day Pay or Quit Notice, which most of the time is final for me. I very seldom will accept late payments and fees.
In fact, I have a process in place whereby with proper notice and a Payment Pledge any one of my tenants can be late on their rent without incurring any additional costs. Thus, if someone is receiving a 3-Day Notice from me it’s their own fault – I give people every chance to do things the right way.
For more on this, look up Tenant or Professional Bum – Do You Know How to Tell.
But this is different
This tenant is one that I inherited when I purchased my 10-unit in February of this year. We got off to a rocky start when I showed up at her apartment on March 6th with a 3-Day Notice.
She was surprised – “I have it right here,” she said pointing to the coffee table in her living room. “The other guy always came to pick it up.” No wonder he sold at a loss, …read more