Tenant excuses, how far do you go to find the truth?

[Account Closed]

I have had tenants tell me all manner of stories to explain why they were late with the rent. 

Sometimes, my empathetic side comes forward and gives them a free pass. I know that I must surely have been hoodwinked before with a false tale. How far should a landlord go to find the truth? Should we care, or should we just issue the notice?

What do you think Biggerpockets members?

[JD Martin]

I never ask, don't want to know, don't really care, and I think I've had two one-day late payments from all of my properties total in the past 3 or 4 years. Three rules:

1. Rent, in full, on time, all the time, every time.

2. Don't damage my property.

3. Don't cause trouble for me, the neighbors, or the police.

Of course, a lot of things fall under those 3 rules - if you don't maintain the property, you are breaking rule #2 - but that's about it. My tenants know those 3 things cannot be broached. If they are, they will be finding another place to live. If you start giving people passes on any of those 3 rules you will have an unhappy, unprofitable business model.