K. Marie I sincerely appreciate your tough love. IMO it's the only way you can get better with handling situations. I suppose my thoughts in writing this thread initially was that if I wrote every detail no one would want to read it. However, from what I've seen so far, this is an incredible network people who truly want to make themselves and each other successful. To clarify, the 1/2 of months rent was a promo my husband decided to do in return for signing 12 month lease. I was never a fan but I think we were reaching the point of desperation to get someone into the unit as the property was on the market for about 4 months with no inquiries. (we had already moved into our new home) This being our first time renting, we did make the mistake of letting her run the show. We thought by bending over backwards it would make the tenant happier. I just thought about all the years I had rented and how much I appreciated a nice and proactive landlord and wanted to emulate their practices. With that said, I think there is a fine line of doing whats right and being taken advantage of.
Joel, you are correct. This tenant called one week, was moving from out of town, and wanted to move in the following week. They had given us a copy of their W2 and it was certainly more than enough to cover the rent. We did a preliminary BG check and all was well. With that said, once things went south we dug a little deeper and the records had revealed the tenant had filed for bankruptcy 1 year prior and had several aliases. The company she owns also had some holes. Her W2 was from 2011 yet I called the state to determine the company registration date and it wasn't a registered business with the state until March 2012. Now, I do understand you can own a business in some states without registering but there are stipulations with that scenario. So even after all that, I suppose I still wanted to give the benefit of the doubt but others in this thread said something that really struck home for me. "Take the emotion out of it - it's business". I think another quote to remember is "don't be stupid" :)
To answer a couple of the rental inquiries in this thread: the rent is 3,500. We are not making money on it but the property value has increased by 30K in 24 months (not huge increase but not bad considering the country's circumstances). Our goal was to hold on to both of our properties for quite some time despite our intentions to move in the near future. However, the situation is complicated by the status of the building, the board and property manager.
The board (which I recently joined (treasurer) as a means to keep up to date on the situation of the building) had no established process for claims such as these and I am not the first person this has happened to. The pipes that were installed in the building 10 years ago, when it was built, were 2 inch pipes connected to 4 units. There is improper venting and as such the pipes back up. Initially the board tried to claim this was not the building's responsibility as the owners must have been negligent with what they put down the garbage disposal thus clogging the pipes. Until this year there was no plan in place to be proactive in changing out the pipes and the board/PM could be liable for neglecting to remedy the known issues.
With all that said, we are considering selling at the end of this lease but are still willing to continue renting out our properties in the future.