Developer · Chicago, IL · Member since 2013 · 434 posts · 357 votes
13y
That's not a very nice attitude, Bill. Times are tough for a lot of people, everyone's situation is different. Maybe the $25 wasn't worth the guy having to swallow his pride in order to ask people for money...that is something I can relate to. I wasn't born into money so trust me when I tell you that I know what it's like to struggle. Now that I'm doing well, I won't make fun of or ignore when others make fun of people that are in a situation I was once in. You guys are better than this.
Developer · Chicago, IL · Member since 2013 · 434 posts · 357 votes
13y
That's not a very nice attitude, Bill. Times are tough for a lot of people, everyone's situation is different. Maybe the $25 wasn't worth the guy having to swallow his pride in order to ask people for money...that is something I can relate to. I wasn't born into money so trust me when I tell you that I know what it's like to struggle. Now that I'm doing well, I won't make fun of or ignore when others make fun of people that are in a situation I was once in. You guys are better than this.
Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
13y
i'd not fine them for one day. my tenant was supposed to pay by the 5th, but he said his father in law died and they had to miss a few days work, so he is paying today.
last month's excuse was his daugher's prom preparation. but he always comes through. he gets paid on fridays and asks me to hold the check to the closest friday. if he did not come through, then i'd not allow that, but they have been there over a year and always paid (knock on wood).
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
13y
I have worked with many people over the years, struggling to survive. It's not because they're lazy or don't want to do better in life. Some people are blessed with more abilities than others. For those that struggle .50 can be too much sometimes. The poorest are the ones that get hurt the most in many instances, and end up having to pay late fees, and fall behind even further. I don't think we have ever charged anyone a late fee in such a situation.
I'm not talking about those people that make no effort and think they are owed everything, for them, I have NO tolerance.
Residential Landlord · Greenfield, WI · Member since 2013 · 299 posts · 126 votes
13y
Originally posted by George P.:
i'd not fine them for one day...
I wanted SO much to not fine them, but this isn't the first time they were late, and they are a 3 month new tenant. Plus, the guy has had an attitude with me several times, very sarcastic.
Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
13y
I also think it is a poor attitude to assume why people do things. Maybe they needed the $100 for food, or to pay off collectors, or for gas to get to work. People live different lives and trying to understand their reasoning, without know the whole story, does not do anyone any good. If they are good tenants, I would have also not fined them this time. Once it become habit then I would start collecting fines. It appears they are trying by sending you partial rent until they get the rest of their money.
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
13y
Originally posted by George P.:
i'd not fine them for one day.
What about just two days? or just three? Where is the cutoff? I understand where you are coming from, but things get cloudy when you start wavering from your policies.
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
13y
Originally posted by Mike B.:
Not sure what me being a landlord has to do with the original question or my comment, but yes, I am.
I think it was a relevant question Mike B. I believe Mike was alluding to the fact that sometimes people who are not landlords have an easier time telling landlords to be nice, because they are not personally invested in the situation.
I consider myself to be a very compassionate and understanding person, but I also believe that if I set policies, I need to stand by them, as I am expected to on my end. Leniency on such policies can often make people feel good about doing a good deed, only to later cause bigger problems.
Durham, NC · Member since 2012 · 498 posts · 48 votes
13y
It it were me, I'd rather pay 25% penalty than to borrow $100
for one day from a friend. Everyone has his own pride.
People feel differently borrowing from a bank than borrowing from a friend. Borrowing from a bank is a business while borrowing from
an individual $100 for one day is asking for a favor.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
13y
I would give them a pass for one day. My leases call for a $75 fee if 6 days delinquent. I do feel if you let them walk on you, they will take that as a green light to continue. Gotta find a balance though. They are your partner on the property. They pay for it and when it is paid off, it is all yours:)
Developer · Chicago, IL · Member since 2013 · 434 posts · 357 votes
13y
I can understand that theory. However, I didn't give my opinion on his policy of charging the $25. My comment was based solely on the attitude of "oh my God, how could these people not possibly come up with a hundred dollars to avoid a $25 fee." My reasoning for being on this board is to help new investors, network with people and evaluate situations that are working for people that I have not tried yet. I did not join this board to pat myself on my back while looking down on others and that's what I took away from the first two posts. Maybe I'm extra sensitive this morning and I took it the wrong way, but that's how it came off to me.
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
13y
Originally posted by Mike B.:
I can understand that theory. However, I didn't give my opinion on his policy of charging the $25. My comment was based solely on the attitude of "oh my God, how could these people not possibly come up with a hundred dollars to avoid a $25 fee." My reasoning for being on this board is to help new investors, network with people and evaluate situations that are working for people that I have not tried yet. I did not join this board to pat myself on my back while looking down on others and that's what I took away from the first two posts. Maybe I'm extra sensitive this morning and I took it the wrong way, but that's how it came off to me.
I appreciate everyone who contributes here on BP, I think most are here to help others (and learn a little bit too). I'm not sure anyone meant to look down on others, but I know some of the landlords here have been in the business for a long time and have seen just about everything, and that experience might be reflected in their posts. Trust me though, Bill has helped a lot of people on this board and probably in a lot of other places as well. If you stick around you will probably say something that ruffles someones feathers a little bit, no big deal.
Also, Bill's comment "poor people have poor ways" has a lot of truth to it.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Originally posted by George P.:
i'd not fine them for one day.
There's a basic tenet of contract law called the doctrine of Laches.
It essentially says, "If you voluntarily choose not to enforce terms of contract, you may be giving up your legal right to enforce those contract terms in the future."
This is a great example. Let's say you gave the tenant a free pass on the late fee for three months and then tried to enforce it when the the tenant missed the payment again in the fourth month -- there's a very real possibility a judge would determine that you "slept on your rights" by not enforcing the contract for three months, thereby changing the agreement.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y
Tenants are the way they are with their finances and that may be one reason why they are tenants and not homeowners.
For example, I had one tenant pay this month with 2 money orders and $55 cash. Why pay with 2 money orders and incur 2 money order fees instead of just getting 1 money order? Furthermore, why not just have a bank account so you don't have to pay money order fees at all?
I ask myself these questions, but don't ask the tenant, because it's not my business to run their finances (nor do I want to).
Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
13y
Originally posted by Ryan Logsdon:
This is the first vile thing I've read on BP since joining. To the author, shame on you.
Ryan Logsdon, what is "vile" about it. It is not discriminatory, racially insensitive, sexist....
It is a very true statement. Like Dawn A. said about her tenant with 2 money order fees and no bank account. He is spending money on money orders and likely "needs" that money at some point. And while it is not her place to ask why he does that or to try to fix it; it is accurate that his "poor" ways of not planning cause him to stay "poor" or at least not get very far ahead.
You are placing a negative connotation on a simple statement that has some bearing in fact and can be evidenced by the actions of people that have the mentality. And yes that is a generalization, meaning it is something that is true for the general(majority) of that population.
It definitely wasn't meant to put them down it is just stating why they will end up paying for late fees and probably be renters their entire lives.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
13y
Just like when I go out to dinner, someone else could look at me and say "How frivolous! You could be saving that money and investing it in more rental property!"
SFR Investor · Los Angeles, CA · Member since 2013 · 134 posts · 16 votes
13y
Matt Devincenzo it's a gross generalization. What is it anyone's business to make assumptions on the financials of a stranger?
And keep in mind that these "poor" strangers are the landlord's clients.
It's quite an arrogant statement, and it does nothing to further communication and discussion. It only serves to reinforce the stereotype that landlords are out of touch with their tenants.
Developer · Chicago, IL · Member since 2013 · 434 posts · 357 votes
13y
Let me explain how. My mother was a stay at home for 25 years, her husband (my stepfather) passed away suddenly from cancer. My mother, with no job training is considered poor. I carry a lot of the weight which is no problem and neither here nor there. The point is, by definition she is poor and would be lumped in to that statement. Every person carries their own misfortune and to stereotype anyone is vile.