hehe so we bought this 4plex apartment building recently and the place was fully rented when we bought it. Bonus right? WRONG!!!!
The rents were due on the 1st of the month and guess what? Only one rent came in on time the other 3 didn't. We got every excuse in the book, oh I didn't get enough overtime pay, I didn't make enough this month, oh my wife forgot to pay. You name it we got the excuse...
So anyways these situations have happened to me before when I used to rent out a building for my dad when I was younger so this is not a big suprise to me.
So we wrote letters to everyone who was late explaining that we understand this month was late but if it happens again according to our lease agreements with them that we COULD evict them. 2 of the late renters understood this and apologized for the inconvenience and promised it would'nt happen again. But one renter actually showed up at my HOME address and started bitching at me. LOL!
He said I was threatening him and he didn't appreciate it. He said he would pay me when he gets a chance and he doesn't appreciate me coming to do fire maintenance in the middle of the day (although I gave him 24 hours written notice and he had the opportunity to change the appointment time). Hehe this guy's rent is only $400 CAD per month (way less than what he should be paying)!!! The whole time I was talking to his guy he was trying to intimidate me! haha! Anyways I wasn't intimidated in the least and I was pretty stern with him, he got pissed and walked off.
Anyways just goes to show you that if you don't hand pick your tenants you could have issues. And on top of all this crap we find out that the previous owners did not even get first and last from these people. LOL!
I'm not trying to put people off buying rental properties but just understand that it's not always a bed of roses. I'm shopping for property management companies first thing monday morning to handle this property from now on. Wish me luck!!!
DH