Being a property manager isn’t as easy as you might think. In my most recent deal involving the acquisition of 4 units, the current renters were aware of the change in ownership/management. So one of the renters took the opportunity to be late with their rent payment. Under the existing contract, their rent is due on the 1st, with a grace period until the 3rd. Well, the renter told me that they will not be able to pay rent until Friday of this week, that’s the 11th of the month.
Ridiculous, huh? Yes it is. And they expect to not have any late charges either (I’m just guessing, but I don’t imagine they are going to step up and pay the late charges without me asking or demanding for them). This is the sorry thing about buying into a property that already has renters. If the renters have any clue about what is happening, they may try to use it to their advantage.
I have decided in this situation not to create a first impression of a “tyrannical landlord”. I am going to collect the rent on Friday, inform them of the are penalties outlined in the contract, and if the problem happens again next month, I will enforce all late fees, etc that the contract allows. It just stinks as a new owner that there are people out there that will take advantage of every inkling of an advantage. Anybody else have any good rent stories? (You can post them at the bottom of the page).