All Forum Posts by: Kuriakos Mellos

@Melanie P. and @Benjamin Aaker will for sure be doing this on all my WI leases on renewal - which begin in May. THANK YOU!

@Nathan Gesner these tid bits are great! Thank you

@John MorganI think I had hit this stride of never ever having a payment late so that's why it sort of struck me. It is more so an annoyance than anything as this money would just be set aside for future purchases but I already am considering the suggestion of @Wayne Smith by increasing late fees and also filing notices earlier in the process.  The latest on this tenant is she is supposed to pay today..so we will see ;-)

@Nathan Gesner @Account Closed appreciate the ‘ wake up call’ so to say.  I’ve reached out to a friend who also has several rentals to walk me through how to issue the pay or quit notice. And do it correctly. Again,  I am only at a 21 day late period currently but wanting to avoid a potential snowball event in the future. 

@David Bennett I am guilty of being the ‘nice and forgiving landlord’ in this circumstance and letting the behaviour repeat so I’m taking it as a learning lesson that being kind and cordial is always a good thing - cause I really do love the people aspect of owning rentals and providing people a nice safe home to live in - but don’t appreciate being take advantage of :-)

@Bruce Woodruff $50.00.  I’ve made $150 so far so that’s a plus ;-). But I am thinking that I might offer her a cash for keys to get out or start the process  an eviction if it goes a full month with no rent .  

Hi BP community!

After hitting a very solid stretch of on time payments across my portfolio over the last 3 years, I’ve run into an issue with one of my LTRs where I have a tenant who now pays late every month.  I’m not saying a day or two or five - but usually the third or last week of the month.  She does pay the late fee when she pays.  It’s a one year lease, we are in month 4 - still yet to pay for February - but more so worried that this will start dragging into a month late or more.  
Again up to this point been lucky with great tenants across my 8 units - so maybe I’m over thinking here, and she is pleasant in person and keeps her area generally cleanish.  

However the excuses she has (and I’m sure we could all write a book about them) are, how to say it kindly, laughable almost.

I usually get a text saying she will pay by a certain date, which passes and left her a voicemail today asking to talk - I am trying to be understanding and said let’s talk on the phone to discuss a plan, but at the same time - don’t want to keep someone around that is not going to follow their lease terms.

Questions:

How often is it OK to ping a tenant for late rent?  Every few days?

If I see this continuing do I offer a a cash for keys situation to just get her out?  

Maybe I’m overthinking but trying to get ahead of any issues - thanks!

@John Morgan appreicate the insight. What is OPM mean?  I've thought about doing cash out refis as well but does that only work with a primary or would it be doable with a investment home that has quickly appreciated?

@Walter Jimenez I am not as much of an expert on the lending side but I LOVE renting out to travel nurses. I have four properties that I have done this with, one of which we have dubbed the nurse hotel, being that I am booked out months in advance from referrals from other nurses that keep coming in.  I also am able to get 1.5 to 2 X the rent from LTR and to be honest, they are MUCH more pleasant and easier to work with. 

You know this being in the industry, but travel nurses get a stipend per week for rent. They also want to be able to keep some because it's tax free. You need to identify the local pay for per diems by the local hospitals, extrapoloate that out for the month and then price yourself right below that for a monthly rate.  Then, you have to make your place pop.  Nurses work their tails off, and they want to come home to a quiet, SAFE , enviornment.  That does not mean you need to get lazy or cheap with wall art, amenities, laundry, and decor. . In unit laundry (or in the buildling) is a huge plus too.  I have also learned that almost all my nurses have traveled with pets, so making your place dog friendly is a huge help.  I have even gone out to throw dog toys and play areas in the yard to attract nurses. They will pay more for it!

@Stephan Guna protect yourself on the front end of your journey and get a PM.   Find someone you click with and has rental properties of their own.  With time, if you feel more comfortable you can branch off but better have the professionals help you out!