Need Some Tenant Advice

[Wade Garrett]

I inherited a pain in the arse tenant on a fourplex. She was late for rent in Sept, so I filed for eviction. I just received Sept and Oct payment yesterday (10/15). I previously offered her a m2m effective Nov 1 with favorable terms to me. 

I would prefer to keep the place occupied through the holiday months, but I can't have someone paying rent this late again. There is a late fee, which she paid. But I don't want to deal with this horsesh--t again. 

How would you guys recommend I handle her going forward? 

Thanks.

[Rick Santasiere]

@Wade Garrettif the lease converts M2M 11/1, let it ride.  I would just offer her a reminder about your policy, and how all your late fees work.  Explaining to her that her late payments challenge her levels of respect is something that you can also work into a chat (as crafty as you can, and if possible).  I am definitely in agreement about vacancies around the holidays (and the colder weather).  People up North typically don't move (and heck, we in CT and further north, Hibernate:) at all from Oct-March, so keeping her until March or April might make sense.  

A few things I would do if I were in your shoes:

-  Remind her about the policy

-  Explain how an eviction works; the process, how your "company" handles them, and what is required by your local/state laws.  If you are in a tenant friendly state, try not to give her any "ammo" that she can use, but explain why YOU have the knowledge to make it happen efficiently.

- If she pays late, and you get the late fees, this is good. You earn more money, so try and look at it as you are increasing your ROI

- Filing the ppwk or using the tactics for eviction would be in full force for me, but I would try and avoid going through the eviction any way I can.  

- Lastly, if they end up not paying at all, I would offer them cash to leave at a certain date.  I would draft something up (maybe work with your lawyer) that states the date that they agree to leave and both sign off on it. Cash4keys, may be something that is no allowed in certain areas, but it has worked for some investors in my area.  Saves the $1,000 attorney fee, and get's the person out quicker, which typically results in less vacancy.

Lastly, when you say you don't want to "deal with this horses#it again." This is funny.  As investors, we will always have some level of BS to deal with.  Sometimes when I "vent" to my wife, even she reminds me: "Hey, you are the landlord, this is what you are supposed to do," or "Babe, remember, you wanted to be a real estate investor, and this is part of the gig.." And of course, I smile, and am grateful that she can remind me of such facts. I hate the BS, just like any of us, but it's all in how we react and handle each scenario that will teach us to be better in the future..