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Updated over 7 years ago, 08/28/2017

User Stats

53
Posts
21
Votes
Jeffrey K.
  • Lender
  • Boulder, CO
21
Votes |
53
Posts

Tenant said he loved living here!

Jeffrey K.
  • Lender
  • Boulder, CO
Posted

So... spoiler alert...this is a bit of a humble brag but I could use some advice too! 

The 1st day I bought my fourplex I overheard a conversation, through an open window, where the tenant in unit #2 was saying that he "hated living here." Currently, I have a yard full of dead weeds, a dirt pile in the parking lot and a litany of other half started projects around the complex. Despite all that, the tenant in unit #2 renewed his lease and told me he loves living here in spite of me raising rent and imposing additional rules. I believe this is a reflection of my leniency and ability to work with him. I loved hearing this, and it was an affirmation that I was doing something right. 

However, this leniency has also gotten me in trouble...aka unit #4. This guy moved his sister in and I allowed her to live there for a few weeks to get a foothold while moving to a new state. But, while doing some repairs in his unit I found out the sister moved her kids and 2 dogs in as well. So now there are 5 ppl and 3 dogs in a 2 bedroom apartment. Although I have gotten some reparations and they are moving out next month, I fully realize that is was the same sympathy and rationalization that I used with unit #2 that got me into this mess. Where do you draw the line? what are the hard and fast rules u use to insulate yourself against ppl taking advantage?  

Account Closed
  • Real Estate Agent
  • Las Vegas, NV
1,347
Votes |
2,334
Posts
Account Closed
  • Real Estate Agent
  • Las Vegas, NV
Replied

you simply enforce the the terms of your lease without any feeling involved 

User Stats

53
Posts
21
Votes
Jeffrey K.
  • Lender
  • Boulder, CO
21
Votes |
53
Posts
Jeffrey K.
  • Lender
  • Boulder, CO
Replied

Truth...thats the easiest approach. but throwing a woman with kids and a pregnant couple on the street without regard seems unnecessarily cold. Plus, I made more money than my property would have normally taken in. Is there any consideration for that?

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User Stats

2,593
Posts
2,080
Votes
Kim Meredith Hampton
Agent
  • Real Estate Broker
  • St Petersburg & Orlando
2,080
Votes |
2,593
Posts
Kim Meredith Hampton
Agent
  • Real Estate Broker
  • St Petersburg & Orlando
Replied

@Jeffrey K. simply said, you need to treat this like a business, an asset that needs to produce money for you. My motto is : firm, fair and consistent across the board!!!

User Stats

273
Posts
90
Votes
Jenifer Kynor
  • Fort Collins, CO
90
Votes |
273
Posts
Jenifer Kynor
  • Fort Collins, CO
Replied

Unfortunately, being kind and lenient will lead you to be taken advantage of. Your tenants will begin to expect you to accommodate to every request. 

I agree with @Steven, just follow the terms of the lease and treat it as a business only, and don't get too involved with your tenants personal issues. You have to protect yourself and your investment first. You can still be kind along with being stern about your lease agreement. 

User Stats

6,241
Posts
3,800
Votes
Aaron K.
  • Specialist
  • Riverside, CA
3,800
Votes |
6,241
Posts
Aaron K.
  • Specialist
  • Riverside, CA
Replied

I agree with the truth and fair point of view, you will get respect from tenants if you are fair and they understand your reasoning for imposing rules that they don't like.  Everyone appreciates knowing why a decision is made and that makes it go down a bit easier.

User Stats

8
Posts
1
Votes
Andy Hill
  • Investor
  • SW, OH
1
Votes |
8
Posts
Andy Hill
  • Investor
  • SW, OH
Replied

I always try to be as reasonable as possible but it has also gotten me in a bit of trouble but not egregiously so.  

I'm somewhat proud of myself as my last property the tenant was supposed to pay the water bill but it still came to me and I never turned it in to management.  Well the property has turned over so I'm having the water company forward it straight over to the mgmt. company.  I don't have any connection to the new tenant as I've never met them but I did meet the previous one.

Most people do better with structure and that starts with enforcing rules that you've said you'll enforce.

User Stats

53
Posts
21
Votes
Jeffrey K.
  • Lender
  • Boulder, CO
21
Votes |
53
Posts
Jeffrey K.
  • Lender
  • Boulder, CO
Replied

Thanks for all your input, I think I needed reminding that this is a business and the terms of the lease are the rules that both I and the tenants have agreed on. The lease is there to protect me from being taken advantage of and should be treated as such.